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Interesting analysis from Stifel Nicolaus makes the argument that the rally in airline stocks is just getting started.
- Despite all the talk about carrier consolidation being played out, only one large merger (Delta-Northwest) has been implemented to the hilt, notes the investment firm.
- The Southwest-AirTran, United-Continental, and U.S. Airways-American combinations still have various amounts of synergies to be realized.
- Stifel's sector buy recommendations: Delta Air Lines (NYSE:DAL), United Continental (NASDAQ:UAL), Alaska Air (NYSE:ALK), Spirit Airlines (NASDAQ:SAVE), and Allegiant Travel (NASDAQ:ALGT).