Allegiant Travel assumed with a Neutral at UBS

UBS assumed coverage of Allegiant Travel (ALGT) with a Neutral rating with a price target of $59, down from $60. Allegiant guided later in the quarter when trends had likely settled into a more stable trajectory, so there shouldn’t be too many surprises with its Q2 results, the analyst tells investors in a research note. The stock has bounced meaningfully off its April lows and upwards earnings revision will be required for the stock to see further upside, UBS says.