Alaska Air price target lowered to $48 from $51 at Citi

Citi lowered the firm’s price target on Alaska Air to $48 from $51 and keeps a Buy rating on the shares. The firm says increases in non-passenger revenue have been an important margin expansion driver for the company. The U.S. airlines’ “turbulent” Q3 has included uncertainty, from U.S. elections, conflicts in Eastern Europe and the Mideast, along with limited visibility on interest rates, the analyst tells investors in a research note. With this level of negativity “seemingly baked into valuations, this should be a time for investors to scoop up strong fundamental stories,” contends the firm.