As previously reported, Jefferies analyst Sheila Kahyaoglu downgraded Southwest to Underperform from Hold with a price target of $25, down from $40. A worse cost outlook, Southwest’s decelerating revenues per available seat mile, or RASM, and a fleet refresh cycle that forces capacity into oversupplied markets give the company limited visibility to margin expansion in 2024 despite its optimization plan, the analyst tells investors.
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