UBS initiated coverage of Southwest with a Buy rating and $36 price target. The firm is “bullish” on Southwest as it sees a multi-quarter period of profit recovery unfolding later this year. While the near-term is uncertain given slower recovery in revenue per available seat mile, or RASM, the firm thinks has been derisked following the stock’s 17% slide last week and from here it sees a sequential ramp in RASM, the analyst tells investors.
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