The recent declines in the price of oil make airline stocks such as Delta and Continental attractive at current "fire-sale" prices, Ray Neidl, airline analyst from Calyon, told CNBC.
Calyon has raised its rating on the major carriers to "add" from "neutral" in the wake of the slumping crude price. New York Light, Sweet Crude has fallen more than 50 percent from its July peak above $147 a barrel.
The airline sector tumbled as oil prices rose in the first half of the year, but failed to recover along with oil's ease due to the increasingly depressed economic outlook.
"It is difficult to catch the bottom, but we believe we are near it regarding airline stock prices," Neidl said in a research note.
The major US airlines won't "go over the cliff into bankruptcy," Neidl added.
Alaska Air, American Airlines parent AMR, Continental, Delta Northwest , UAL and US Airways were all on the Calyon's "add" list.
Investors should play the sector only with a long-term time horizon, as the high level of market volatility could cause stocks to tumble further in the near term, according to Neidl.