United Airlines is the airline stock to own in 2023, according to Cowen. Analyst Helen Baker named the stock her top pick for next year, saying United Airlines remains an industry leader with the biggest exposure to a recovery in international travel. The analyst’s $65 price target represents about 47% upside from Wednesday’s close of $44.17. “We’re staying with United Airlines as our top pick for 2023. It’s been a star performer in 2022, significantly outperforming the S&P 500 and the NYSE ARCA Airline Index YTD,” Baker wrote in Thursday’s note. performing.” “The carrier’s network and alliances position it to benefit from the recovery in international travel,” Baker said. It has a strong liquidity buffer that should allow it to continue paying down debt and navigate any macro choppiness. ” The analyst noted that United Airlines is adding international routes to vacation destinations for the summer of 2023 after seeing success with most of the new additions this year. The airline has more lie-flat seats than other American competitors to attract more high-net-worth customers. Other types of travel are expected to continue to improve in 2023. According to the note, the analyst expects opportunities in business travel, which is about 80% of pre-pandemic levels. “We are not expecting a full recovery of business travel, but believe that the hybrid work environment is likely to persist into 2023. Expect people traveling for business to have fewer days for leisure (eg for, Miami in winter for northern travelers),” Baker wrote. United Airlines shares are up slightly in 2022. —Michael Bloom of CNBC contributed to this report.