Alaska Air price target lowered to $45 from $66 at TD Cowen

TD Cowen lowered the firm’s price target on Alaska Air (ALK) to $45 from $66 and keeps a Buy rating on the shares. The firm reduced targets in the airline group as part of a Q1 earnings preview. Investors are skeptical on the resiliency of travel demand given the likelihood of a prolonged period of higher energy prices and decelerating credit card data, the analyst tells investors in a research note. TD’s estimates are below consensus for the six major airlines heading into Q1. It views Delta as the most defensive and United as the most attractive over the long term.