UPDATE: Argus Downgrades Southwest (LUV) to Hold
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Argus analyst John Staszak downgraded Southwest (NYSE: LUV) from Buy to Hold.
The analyst comments "We are lowering our rating on Southwest Airlines Co. (NYSE: LUV) to HOLD from BUY. We expect costs to remain high in 2022 and look for CASM to increase at a mid-teens pace. Although a revenue recovery is underway, we do not expect the shares to move higher until it becomes clear to investors that costs have stabilized. We are maintaining our long-term BUY rating based on the company’s record of above-peer-average revenue growth, driven by its simple fare structure and reputation for generally good customer service."
Shares of Southwest closed at $39.46 yesterday.
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