Sun Country Airlines initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Sun Country Airlines (SNCY) with an Overweight rating and $23 price target Sun Country’s “sizable” charter and cargo operations create “differentiating demand drivers” not directly tied to consumer discretionary spending on air travel, which typically dictates sentiment for a low-cost carrier, the analyst tells investors in a research note. The firm says that along with its unique shared resources across its three business segments, Sun Country has been able to post industry-leading margins.