Southwest price target raised to $34 from $31 at Bernstein

Bernstein raised the firm’s price target on Southwest (LUV) to $34 from $31 and keeps a Market Perform rating on the shares. The firm is updating estimates for the U.S. airlines group coming out of Q3 earnings and adding in slight earnings hit isolated to Q4 due to the government shutdown. Bernstein lands about in line with consensus for Q4 for all names but Southwest, which it continues to believe has meaningful risk stemming from its business model changes and optimistic targets.