You can believe pilots who don’t stay in their lane or the others who actually do this stuff for a career.

• Andrew Didora, Bank of America: “We estimate AAL now has liquidity into 1H22 with no improvements in cash burn.”
• Michael Linenberg, Deutsche Bank:“The improvement in cash burn combined with a record level of liquidity ($15.6 billion, which includes the full amount available under the CARES Act Loan Program) gives us a confidence that not only will American be able to ride out the downturn, but is well-positioned to participate in the recovery once demand bounces back.”
• Helane Becker, Cowen: “We continue to believe American has enough liquidity to survive the remainder of the pandemic.”
• Jamie Baker, JP Morgan: “Recent deals in the space (most notably UAL and DAL’s loyalty-backed debt raises) continue to further lower the risk of bankruptcies in the industry in the near-term.”