United Continental as an airline company has "a lot of untapped potential," according to Wolfe Research's Hunter Keay.
Keay said the company now has the "best board in the industry." He rates the company with a target price significantly more than the current trading price of nearly $40.70, and cited the company's network as a another positive driving his assessment.
"There's a gradual turnaround story occurring there," Keay said during an interview on CNBC's "Power Lunch" Wednesday. "United went from having the worst board in the industry to having the best board in the industry within the last three months."
U.S. airline stocks are down this year, even before the Brexit, because they have not been able to regain their pricing power, according to Keay, who serves as a managing director at Wolfe Research.