UBS upgraded Southwest (LUV) to Buy from Neutral with a price target of $73, up from $51. The firm sees upside to Southwest’s previously highlighted targets for extra legroom and assigned seating initiatives. In its base case, UBS sees potential for $4.25-$4.50 in incremental earnings per share from extra legroom, assigned seating, and checked bag fees when these initiatives achieve full maturity by fiscal 2027.
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