Raymond James lowered the firm’s price target on Allegiant Travel to $110 from $118 and keeps an Outperform rating on the shares. Raymond James still expects the fare environment to improve starting in February 2024 as y/y domestic capacity slows from 9.5% in 2023 to ~4.1% in 2024, and while an economic slowdown is likely in 2024, this may not be accompanied by the typical cuts in employment due to a tight labor market, potentially supporting travel demand, the analyst tells investors in a research note. The firm is encouraged by the operating execution over the past year, as well as Allegiant’s pipeline of revenue initiatives.
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