Continental Cruising

During the past five years, Continental's mainline revenue per available seat mile has been about 110% of the industry average.

"Continental has a clear plan," adds consultant Mike Boyd. "They understand that the front cabin is where they want to go [for a revenue premium]. They understand international, including secondary markets in Europe, and they have a fleet strategy."

So what's not to like? Helane Becker, airline analyst for Benchmark Co., says that Continental "has done a really good job of delivering in the past few years and quarters, and now they're making a lot of money."

However, she notes that Benchmark has a $37 price target on the airline's stock, and "they're just about there." Continental shares closed Wednesday at $36.06, down 8 cents.

"I don't know how much more we can see," says Becker, adding that both UAL(UAUA Quote), the parent of United Airlines, and US Airways(LCC Quote) are strong performers that have not yet reached her price targets.

The gain in Continental's shares has been particularly striking by comparison to its peers' performances. Since the start of the year, the Amex Airline Index has risen by about 1%.

Shares in Southwest Airlines(LUV Quote) have fallen by nearly 7%. AMR (AMR Quote), the owner of American Airlines, is up 27%, while US Airways has risen 33%.

Jim Compton, a Continental executive vice president, said in an interview that in meetings between the airline's management and analysts, "the one thing [that] resonates with them is that we've always been very consistent."