Southwest initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Christian Wetherbee initiated coverage of Southwest (LUV) with an Equal Weight rating and $45 price target The company is undergoing a meaningful transformation, but competitive pressures and execution are headwinds for shares, the analyst tells investors in a research note. The firm says Southwest “remains deeply embedded in the very competitive” main cabin segment, which provides a major headwind toward realizing the benefits of its key initiatives.