Exane BNP Paribas downgraded Southwest to Underperform from Neutral with a $20 price target. The analyst sees cost headwinds for the airlines that will be difficult to counter. The firm also sees macro headwinds driving yield pressure. There is no evidence that business travel will pick up materially into 2024, the analyst tells investors in a research note. Exane made airlilne rating changes to position itself in to 2024.
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