I don't know. Perhaps it is because these "analysts" do have a vested interest in making sure that there are stock transactions. They do make their living off of transactional fees. In any case, I am not commenting on AC's stock price. The stock price has little relationship to the quality of service provided nor with the charactersitics of a loyalty program. The repeated stated goal of the company is to "cut costs". Cutting costs will not result in an improvement of the "loyalty" program.On the contrary it will see the shedding of "benefits" and the introduction of additional revenue sources such as increased booking fees, co pay charges and increased costs of redemption. None of this has anything to do with the stock price.

If you wish to use the stock price as a guide to whatt will occur with the loyalty program, go right ahead. However, I expect you would have just as much success reading the bumps on the FA's heads.