What's next for airline stocks?
Major airlines survived what was likely the worst quarter in modern aviation history. The carriers lost billions of dollars, as expected, and the theme that emerged is that their recovery stalled in July as Covid-19 cases rose and states imposed quarantine measures.
Baker also sees more risk than reward in shares of Spirit Airlines , rating it Underweight. However, he did raise his price target on Southwest Airlines to $41 from $40, maintaining a Neutral rating. And he has an Overweight on Alaska Air Group , raising his price target to $55 from $54. Cowen’s Helane Becker trimmed her price target on Southwest to $39 from $40, but maintained her Outperform rating. “Southwest has an industry leading balance sheet giving us little concern they can weather the storm,” she writes. “The company remains a relatively good place to hide and also participate in a recovery, given their willingness to leave capacity in the market longer than others.”
He’s more optimistic about Southwest, reiterating a $41 price target, writing that the company’s “overall cash flow picture improved.”
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