Southwest (LUV) PT Raised to $29 at Citi

Citi analyst Stephen Trent raised the price target on Southwest (NYSE: LUV) to $29.00 (from $27.50) while maintaining a Neutral rating.

The analyst comments "Since the onset of the pandemic, Southwest has appeared to have made some mistakes. Elliott’s plan to overhaul the carrier’s oversight and revenue strategy could bring some improvements to Southwest. However, this plan, which includes replacing Southwest executives and board members, adding bag fees and implementing assigned seating, does not seem to address discount carriers’ post-pandemic structural challenges, which have nothing to do with management. It is also unclear to what extent Elliott’s plan to introduce new fees could negatively affect the carrier’s traffic flow. Citi maintains a Neutral rating on the shares."

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