JPMorgan Upgrades AirTran (AAI) to Overweight, Downgrades Southwest (LUV) to Underweight

JPMorgan's Airline analyst has upgraded shares of AirTran (NYSE: AAI) this morning, at the same time downgrading shares of Southwest Airlines (NYSE: LUV).

The firm's rating on AirTran moves from Neutral to Overweight, with the price target moving from $9.50 to $11, while Southwest moves from Neutral to Underweight, price target falling sharply from $11.50 to $6.50.

Traders seem to be responding to the rating changes today: shares of AirTran have rallied almost 5% to $5.35 in the pre-market session, and shares of Southwest have fallen about 1.8% to $9.08.

JPMorgan's target on AirTran represents potential upside of about 105% and the new target on Southwest represents potential downside of about 40%.

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