TD Cowen lowered the firm's price target on Southwest to $25 from $26 and keeps a Hold rating on the shares. The firm said they reported another quarterly loss as revenue growth continues to lag cost growth. Management is focused on increasing revenue to cover higher costs including higher wage rates above historical levels albeit in line with the peer group.
Says saw nice acceleration in managed business revenues in Q1. Says continued streak of "solid" operations performance in Q1. Says eliminating service in Syracuse, Cozumel, Bellingham, and Houston. Says reducing flights in Atlanta and Chicago. Comments taken from Q1 earnings conference call.
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