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Still, the price target of $4.50 offers a downside risk of about 25% relative to Friday’s closing price of $6.06.
The analysts note that shares fell about 35% since their downgrade in July.
The analysts also shared their thoughts on the Airlines, in general.
“We would be surprised to see revenue guidance raises at upcoming early September conferences, though there is a chance for carriers with higher long-haul international exposure in mid-September. After strong performance in June, summer has been a punishing time for the airline stocks, consistent with historical seasonality, as fuel prices have rallied. Group feels washed-out and oversold,” they wrote.
Delta Air Lines (NYSE:DAL) and Alaska Air (NYSE:ALK) are among their Top Picks in the Airlines sector.
