Morgan Stanley Raises Alaska Air Group (NYSE:ALK) Price Target to $90.00

Alaska Air Group (NYSE:ALK) had its price objective lifted by research analysts at Morgan Stanley from $70.00 to $90.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the transportation company’s stock. Morgan Stanley’s price target indicates a potential upside of 46.77% from the company’s previous close.

A number of other research firms have also recently commented on ALK. Melius Research upgraded Alaska Air Group from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Monday, October 28th. Melius upgraded shares of Alaska Air Group from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Monday, October 28th. Barclays increased their price objective on shares of Alaska Air Group from $55.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Evercore ISI cut their price objective on Alaska Air Group from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, October 3rd. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $70.00 target price on shares of Alaska Air Group in a research report on Friday, November 15th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.62.

Alaska Air Group Trading Up 13.2 %

Shares of NYSE:ALK opened at $61.32 on Wednesday. The company has a market capitalization of $7.78 billion, a PE ratio of 24.73, a PEG ratio of 1.23 and a beta of 1.60. Alaska Air Group has a 12-month low of $32.62 and a 12-month high of $63.90. The business has a 50 day moving average of $49.29 and a two-hundred day moving average of $42.57. The company has a current ratio of 0.60, a quick ratio of 0.57 and a debt-to-equity ratio of 0.93.

Alaska Air Group (NYSE:ALK) last posted its earnings results on Thursday, October 31st. The transportation company reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.03. Alaska Air Group had a net margin of 2.99% and a return on equity of 12.81%. The business had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the company posted $1.83 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, analysts forecast that Alaska Air Group will post 4.26 EPS for the current year.

Hedge Funds Weigh In On Alaska Air Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Retirement Systems of Alabama purchased a new position in Alaska Air Group in the third quarter worth approximately $5,066,000. Franklin Resources Inc. raised its holdings in shares of Alaska Air Group by 4.1% in the 3rd quarter. Franklin Resources Inc. now owns 633,514 shares of the transportation company’s stock valued at $28,312,000 after purchasing an additional 24,796 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Alaska Air Group during the 3rd quarter worth $59,000. Geode Capital Management LLC grew its stake in shares of Alaska Air Group by 3.9% during the third quarter. Geode Capital Management LLC now owns 2,061,596 shares of the transportation company’s stock worth $93,229,000 after purchasing an additional 78,186 shares in the last quarter. Finally, Barclays PLC increased its holdings in Alaska Air Group by 1.8% in the third quarter. Barclays PLC now owns 1,058,564 shares of the transportation company’s stock valued at $47,857,000 after buying an additional 18,233 shares during the last quarter. Hedge funds and other institutional investors own 81.90% of the company’s stock.

About Alaska Air Group

Alaska Air Group, Inc, through its subsidiaries, operates airlines. It operates through three segments: Mainline, Regional, and Horizon. The company offers scheduled air transportation services on Boeing jet aircraft for passengers and cargo in the United States, and in parts of Canada, Mexico, Costa Rica, Belize, Guatemala, and the Bahamas; and for passengers across a shorter distance network within the United States, Canada, and Mexico.