Southwest Airlines (NYSE:LUV) is dropped to Underweight from Neutral: "We believe Southwest has ample liquidity to endure the COVID-19 crisis, though we believe risk/reward is more favourable in other stocks in our coverage."
However, as we believe that COVID-19 will materially impact the company's profitability, we believe that risk/reward dynamics are balanced at current valuation levels, and rate SAVE Neutral."
Spirit Airlines (NYSE:SAVE) is pushed up to a Neutral rating: "Spirit’s business model entered a maturation phase in 2018, with a new pilot contract, more disciplined growth, and better commercial execution related to market selection and yield management.
United Airlines (NASDAQ:UAL) lands at Overweight after being slotted at Neutral: "Despite recent volatility in the space, we believe that UAL can endure the current downturn with sufficient liquidity."
JP moves its rating on JetBlue (NASDAQ:JBLU) to Overweight from Underweight and assigns a price target of $17: "Our Overweight rating reflects our view that risk/reward is favorable at current valuation levels.