Alaska Air price target lowered to $55 from $60 at Evercore ISI

Evercore ISI lowered the firm’s price target on Alaska Air to $55 from $60 and keeps an Outperform rating on the shares. The firm, which is adjusting estimates across its airlines coverage ahead of Q3 reports, notes that a September inflection in domestic unit revenue materialized and says that the “better supply thesis you’ve been hearing about for a few quarters converted from narrative to guidance upgrades from several carriers.” However, the stocks and sentiment “remain more volatile than underlying earnings,” the analyst added in the group preview note.