Allegiant Travel downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Ravi Shanker downgraded Allegiant Travel to Equal Weight from Overweight with a price target of $115, down from $175. The analyst continues to like Allegiant’s "flexible and nimble" business model, but says "uncontrollable factors have impacted the last few quarters, creating noise and uncertainty in the medium term." The company’s normalized earnings level is uncertain and the catalyst for a reversal is likely to be several quarters of strong execution, Shanker tells investors in a research note.