Analyst Savanthi Syth upgraded the regional airline to outperform from market perform with a price target at $55.
Her target signals an upside of 32.9% from Wednesday's close. "While SKYW is one of the best performing airlines stocks YTD ... this reflects a meaningfully improved fundamental position relative to the beginning of the year with the successful pass through to partners of materially higher pilot costs and the stabilization of captain supply trends," Syth said in a note to clients Thursday.
mountain SkyWest, year to date Pilot attrition trends have been improving for the Utah-based airline since the first quarter of this year. SkyWest has also been able to get partners to absorb costs related to higher rates. Syth added that mainline capacity growth for 2024 is trending lower than previously expected due to supply chain challenges, demand plateaus and rising fuel costs.
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