Execution RiskThe stock is viewed as a show-me story that will likely require several more quarters of clean operational execution to validate the bullish case.
Fuel Price VolatilityJet fuel price volatility, particularly on the West Coast, represents a material downside risk that could substantially reduce earnings if prices rise.
Guidance And Outlook UncertaintyManagement's conservative commentary and an unusually wide guidance range increase earnings uncertainty and may constrain near-term upside to the stock.