McKenzie, however, wrote that "shares have risen 23% over the past month and have near full valuation.

"For investors who can look past our 6-12 month horizon, we still believe fares fetch $45-$50 over the course of the cycle because "United remains a fundamentally improving story," McKenzie noted. His price target remains $35.

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed

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