SkyWest (SKYW) PT Raised to $60 at Stifel
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Stifel analyst Joseph DeNardi raised the price target on SkyWest (NASDAQ: SKYW) to $60.00 (from $58.00) while maintaining a Buy rating.
The analyst commented, "SkyWest published 2Q EPS of $1.22, ahead of our estimate largely on higher revenue from lower PSP offsets. Moving into 2H, block hour production is improving sequentially and is on pace toward 2019 levels by 4Q/1Q22. SkyWest announced that it is adding one aircraft to its new flying agreement with Alaska (brings the total to 9 E175s) and is also adding 11 CRJ700s to be placed with American beginning in late 2022/early2023. SkyWest's valuation continues to look very attractive on a healthy return of demand and organic growth that should drive long-term margin expansion. The headwinds today are (1) the potential for a COVID resurgence, which we believe should be less severe than previous waves if cases ramp, (2) uncertainty around domestic business and international travel demand given the importance of connections for both modes and (3) rising costs as inflation/maintenance become near-term challenges. Our thesis, however, remains well intact."
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