American Airlines gains as Jefferies upgrades to 'buy'
** Shares of American Airlines AAL.O gain 1.1% to $14.51 premarket after Jefferies upgrades to "buy" from "hold"
** Brokerage says AAL may be best-positioned among peers with its youngest fleet; sees efficiencies of co's pre-pandemic fleet and system modernization materializing in 2024
** AAL outperforms peers such as Delta Airlines DAL.N and United Airlines UAL.O by two to three basis points on cost per available seat mile (CASM), compared with 2019 - Jefferies
** Says airline has the network advantage of allocating its domestic capacity to accretive connections in Sun Belt hub like Dallas and Miami
** Jefferies raises PT on stock to $18 from $16, an upside of more than 25% to stock's last close
** Of 20 analysts covering stock, five rate it "buy" or higher, 13 "hold" and two "sell"; median PT at $14.50 - LSEG data
** Stock rose 8% in 2023
Reporting by Purvi Agarwal in Bengaluru
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