Bank of America Merrill Lynch is out with its report today on Allegiant Travel ALGT, raising its PT to $49.
In a note to clients, Bank of America Merrill Lynch writes, "Our 12-month price objective for ALGT is $49. To neutralize the high degree of uncertainty in airline estimates, we use a blend of seven valuation measures:
Adjusted (for fleet age) EV /Sales, P/E, EV/EBITDA, EV/EBITDAR, P/FCF, P/FCF Normalized (assumes replacement capex) and Option Value analysis. Because of their faster growth, higher ROIC and greater earnings stability, low-fare carriers often carry a 50% premium to legacy airlines."
At the time of posting, shares of ALGT were trading at $48.31, down 0.06% from Monday's close.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAirlinesallegiant travelBank of America Merrill LynchIndustrials
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