UPDATE: Dahlman Rose Cuts PT to $11 on Southwest Airlines

Dahlman Rose lowers its price target from $12 to $11 on Buy-rated Southwest Airlines LUV to reflect high fuel costs. Dahlman Rose comments, "Management indicated March results were significantly better than January and February and helped the company to salvage 1Q12. Management stated April is booking on a similar pattern and passenger unit revenue growth will exceed 5%. Despite the positive revenue commentary, Southwest will still see margin erosion in 2Q12 compared to 2Q11 due to inflationary non-fuel unit costs and jet fuel cost/gallon in a range of $3.40 to $3.45." LUV closed at $8.23 on Thursday.