Southwest price target lowered to $47 from $50 at Morgan Stanley

Morgan Stanley analyst Ravi Shanker lowered the firm’s price target on Southwest to $47 from $50 and keeps an Overweight rating on the shares after the Q3 print and Q4 guidance missed expectations, though the firm says that may have been partially due to “conservative” fuel assumptions. The debate is about 2024 capacity and management “said all the right things on that front,” but now Southwest “needs to walk the talk,” the analyst tells investors.