Love is probably not a word most consumers would use when discussing air travel. But investors certainly have a warm and fuzzy feeling for the new American Airlines (AAL).

The world's largest airline company, American Airlines returned to the public markets in December after exiting bankruptcy and merging with U.S. Airways.

The stock has soared nearly 40% this year, flying high along with rivals Delta (DAL), United Continental (UAL) and Southwest (LUV).

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American is benefiting from the fact that the airline industry has become a highly profitable oligopoly following a string of mergers over the past decade or so.

Despite the poor customer service and routine delays that are hallmarks of air travel, analysts are projecting earnings growth in excess of 60% for American Airlines over the next few years.

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