Oh boy. Here we go again.

Business Week in its Feb. 26 issue, reports that AMR, parent of American Airlines, may be a buyout target of a group including Goldman Sachs and British Airways.

The proposed bid is said to be between $9.8 billion, or $46 a share, and $11.1 billion, or $52 a share, according to the magazine.

Sources say it is uncertain that a bid for the company will materialize.

Neither Goldman nor British Airways would comment on the matter to BusinessWeek. AMR told the magazine that while it has lots of conversations, it doesn’t comment until discussions result in substantial outcomes.

Sounds familiar.

Just an aside. Earlier today, Goldman Sachs analyst Robert Barry cut his rating on AMR to “neutral” from “buy” saying the stock is now up about 20% since he began coverage of the stock in November.

Barry said he doesn’t anticipate shares to rise much further ahead, especially given expected labor talks and costly plane replacements ahead.

Heh. Wonder if this means the investment banking department at Goldman doesn’t talk to its analyst — or does this mean the deal is now dead, so Robert decided it was time to lower his rating on the stock?

I know. I’m so jaded.

Can’t help it.

On another front, over the years Business Week has published a couple of “rumors” concerning this industry that were simply that. And nothing more.

So I’d say, “Don’t get excited — yet.”