As previously reported, Evercore ISI upgraded Southwest to Outperform from In Line with a price target of $35, up from $30. Along with today’s upgrade, the analyst is also adding Southwest to Evercore ISI’s “Tactical Outperform” list. While there is no change to the firm’s estimates at this time, the analyst believes Southwest will update current quarter trends ahead of its investor day. 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 for its upgrade.
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