Rodman & Renshaw Maintains Market Outperform on Allegiant Travel

Rodman & Renshaw is out with its report today on Allegiant Travel

, maintaining Market Outperform. In its report, Rodman & Renshaw writes, "With respect to the balance sheet, heavy cap-ex spending this year normalizes in 2012, which should give way to more share repurchases. Mgmt remains committed to executing on a 15% operating margin which if correct, suggests ALGT could earn roughly $5/share (and shares likely fetch $60). For now, our $58 PT is based on shares trading at 13x our 2012 EPS of $4.50 (vs consensus of $3.80). Maintaining our Market Outperform rating." Shares of ALGT closed Wednesday at $52.62.