Maxim Starts SKYW, RJET at Hold, PNCL at Sell; Anticipating Bankruptcy Filing from Pinnacle

Maxim Group's Ray Neidl initiated coverage on several Airline stocks Monday morning:

• SkyWest (Nasdaq: SKYW) with a Hold rating
  
• Republic Airways (Nasdaq: RJET) with a Hold rating
  
• Pinnacle Airlines (Nasdaq: PNCL) with a Sell rating and a $0 price target.

The analyst calls the likelihood of Pinnacle filing for a formal bankruptcy "high" and said stockholders would get "wiped out" in this scenario. Neidl believes Pinnacle is currently in "salvage mode."

Shares of SkyWest are down 1.3 percent Monday morning, shares of Republic are down 4.7 percent and shares of Pinnacle are down a sharp 7.5 percent.

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