UBS upgraded Alaska Air (ALK) to Buy from Neutral with a price target of $90, up from $56. The firm believes the consensus estimates do not fully reflect the potential contribution from Alaska Air’s initiatives going forward. UBS has confidence in the company’s long-term earnings power after analyzing the airline’s premium seat expansion, loyalty growth, and global expansion. It also believes Alaska Air’s near-term is “de-risked” with corporate demand recently accelerating recently and competitive pressure easing.
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