Allegiant Travel downgraded to Underperform from Neutral at BofA

BofA downgraded Allegiant Travel to Underperform from Neutral with a price target of $75, down from $95. Domestic booking volumes have softened, which creates revenue risk, while labor costs present further headwinds, the analyst tells investors. The firm, which also sees 737 Max integrations posing operational challenges, argues that Allegiant trades at a "rich valuation" given the risks it faces.