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Burkett Huey

Burkett Huey is an equity analyst on the industrials team for Morningstar.

More From Burkett Huey

No-moat-rated American Airlines restored its network to a greater extent than peers during the fourth quarter but increased fixed cost utilization has not brought operating margins above zero just yet.
Burkett Huey

No-moat-rated United Airlines UAL posted a solid fourth quarter that met the firm’s pre-omicron variant guidance. We increase our fair value estimate to $57 per share from $55 to reflect Morningstar’s updated assumption that corporate tax increases will not occur.
Burkett Huey

We are raising our fair value estimate for Boeing to $260 per share from $257 as we raise our near-term targets for the defense business this year and we decrease our near-term working capital estimates.
Burkett Huey

We are decreasing our fair value estimate for the firm by about 4.5% to $52.50 per share from $55 to account for Morningstar’s assumption of higher corporate taxes in the model and as we increase our near-term assumptions on fuel expense considerably to reflect higher oil spot prices.
Burkett Huey

No-moat-rated Delta reported a challenging fourth quarter to end 2020, as the pandemic continues to dramatically reduce air travel demand. Despite the pandemic, we continue to see clear reasons to expect a resounding recovery post-vaccine in both leisure and business travel. We are maintaining our $43 per share fair value estimate for Delta.
Burkett Huey

We are slightly reducing our fair value estimate for Boeing to $260 per share from $264 as management indicated they do not expect to return to free cash flow positivity until 2022 due to a buildup of 787 inventory.
Burkett Huey

We are reducing our fair value estimate to $14.50 per share from $15, and we remind investors we think that American Airlines' considerable financial leverage widens the dispersion of potential equity values relative to peer airlines.
Burkett Huey

More About Burkett Huey

Burkett Huey is an equity analyst on the industrials team for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers aerospace and defense as well as airlines.

Prior to his current role, he was an associate equity analyst on Morningstar's financial-services team, assisting in the coverage of REIT and banking companies. Before joining Morningstar 2016, Huey worked for the State of the Rockies research program and wrote his undergraduate thesis on the economics of water transfers in Western Colorado.

Huey holds a bachelor's degree in economics from Colorado College. He also holds the Chartered Financial Analyst® designation.

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