American Airlines stock price target cut to $43 from $46 at Imperial Capital

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Airline stocks pare some gains after Canada bans Boeing 737 MAX jets

Airline stocks were broadly higher Wednesday, but pared some gains after Canada joined many European and Asian countries in banning Boeing 737 MAX 8 and MAX 9 aircraft from its airspace, amid safety concerns. The ban follows a deadly crash of the plane made by Boeing Co. over the weekend, the second in recent months. The NYSE Arca Airline Index rose 1.2% in midday trade, but had been up as much as 1.7% before the ban. Among the shares of U.S. air carriers with the most exposure to the 737 MAX family of jets, Southwest Airlines Co. was up 1.3% but was up 2.7% earlier; American Airlines Group Co. rallied 2.5% but was up 3.3% at the intraday high; and United Continental Holdings Inc. rose 1.6% after being up as much as 1.9% before. Meanwhile, Delta Air Lines Inc.’s stock fell 0.4%, but was up 0.7% at its intraday high, despite not having any 737 MAX exposure. The airline index is now up 9% year to date, while the S&P 500 has gained 12%.

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