Jefferies raises its recommendation on American Airlines from 'hold' to 'buy', with a price target raised from 12% to $18, highlighting in particular a two- to five-point improvement in the company's aircraft utilization rate.

The broker also points to the modern character of its fleet (average age of 12 years, compared with 15 and 16 years for its peers Delta and United), as well as the progress of its debt reduction plan and the investor day scheduled for March 4.

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