Southwest price target lowered to $18 from $20 at Jefferies

Jefferies lowered the firm’s price target on Southwest to $18 from $20 and keeps an Underperform rating on the shares. Southwest is slowing 2024 capacity growth to 6-8%, but its unit cost decline forecast in 2024 “does not seem feasible” as the firm contends “you can take out the capacity, but you can’t take out the costs,” the analyst tells investors.