United Airlines Stock (NASDAQ:UAL): Up 55% YTD but Still Significantly Undervalued

United Airlines (NASDAQ:UAL) knocked the ball out of the park on its earnings call earlier this week, reporting record quarterly earnings and beating analyst expectations across the board. The stock is now up about 55% year-to-date. However, the reality is that the stock is not yet getting much respect from investors, which means shares could have plenty of room to fly higher. I’m bullish on UAL stock. Here’s why.

Unbelievably Cheap Despite a 55% Gain Year-to-Date

United has had its share of negative press in recent years. Whether it was the high-profile customer service incident where a passenger was roughly removed from a flight in 2017 or the numerous delays due to weather and operational challenges that many customers at United’s Newark hub have suffered through this summer, the company has found itself in the limelight for the wrong reasons several times.