Evercore ISI analyst Duane Pfenningwerth upgraded Southwest to Outperform from In Line with a price target of $35, up from $30. The firm cites the “long-awaited” transition to capacity discipline, new revenue initiatives to be outlined at the company’s upcoming investor day on September 26 – including assigned seating and premium economy – as well as strong underlying fleet value. While attractive underlying fleet value is not new, the company may shine a light on this embedded value via transactions, the analyst tells investors.
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