- Wolfe Research analyst Hunter Keay downgraded Southwest Airlines Co LUV to Peer Perform from Outperform as part of a broader Airlines Quarterly research note.
- The analyst cites valuation while noting that the recent industry-wide cost problems lately suggest that the 2026 CASMx outlook wasn't "as much of a sandbag" as it may seem.
- Keay says, though the airline's balance sheet is a "fortress situation," the stock has been as out of favor as ever in his 14-year coverage, with CEO Kelly retiring, labor unions not happy, and operations being weak.
- The analyst also downgraded Ryanair Holdings plc RYAAY to Peer Perform from Outperform.
- Price Action: LUV shares are trading lower by 1.84% at $44.99, and RYAAY lower by 2.24% at $115.45 on Wednesday's last check.
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