SkyWest dives as Raymond James cuts to 'outperform'

SkyWest

04/02/2022 17:17

** Airline operator's shares  SKYW.O  down 20.3% at $30.22 -
among top pct losers on the Nasdaq
    ** Raymond James cuts rating to "outperform" from "strong
buy" on airline industry headwinds
    ** Brokerage says the magnitude of impact on earnings from
headwinds are greater than previously anticipated 
    ** "SkyWest's roughly breakeven profit outlook for 2022 is
likely very conservative and more of a floor," says brokerage 
    ** On Thursday, SKYW posted a Q4 profit of 9 cents per share
on rev of $777 mln, up ~32% from a year earlier 
    ** At least 4 brokerages cut PT, with Evercore ISI at a
Street low of $35
    ** Two of 5 brokerages rate the stock "buy" or higher and 3
"hold"; their median PT is $58 vs $63 a month earlier -
Refinitiv data
    ** YTD, stock down 22.8% 

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))