hares should trade up on earnings growth and consensus revisions. May 2010 UAL / Continentala US$1.2 billion 4% Currently trades on 6.5x 1yr fwd P/E. With 5% and 18% adjusted EBIT Nov 2009 British Airways / Iberian US$600 million0 3% growth in 18E/19E, we see consensus upgrades as likely as the