Barclays lowered the firm’s price target on Allegiant Travel to $75 from $122 and keeps an Equal Weight rating on the shares ahead of the Q3 report. Airline stocks have lagged as weaker air travel demand, higher fuel prices and capacity growth have weighed on the “beleaguered sector,” the analyst tells investors in a research note. The firm says that while 2024 will likely hold challenges, it sees domestic capacity growing at a slower pace compared to 2023.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ALGT:
- Allegiant Travel secures financing for Airbus A320, Boeing 737 MAX aircraft
- Allegiant Travel price target lowered to $100 from $120 at Morgan Stanley
- Allegiant Travel price target lowered to $110 from $115 at Seaport Research
- Allegiant Travel CEO John Redmond resigns, former CEO Gallagher to succeed
- Allegiant Travel reports August total system passengers down 4.7% from last year