Southwest upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Southwest Airlines to Hold from Underperform with a price target of $28, up from $20. The firm analyst believes yesterday’s 15% selloff “finds a floor” for the shares. While Southwest is “stuck in between” the ultra-low-cost carriers and the premium legacy carriers that benefit from international and premium mix, the shares are fairly valued at current levels, the analyst tells investors in a research note.