UPDATE: Bank of America Upgrades Skywest to Neutral on Restructuring Effectiveness
Bank of America upgraded its rating on Skywest (NASDAQ: SKYW) from Underperform to Neutral and raised its price objective from $8 to $9.
Bank of America commented, "Cost actions are bearing fruit quicker than we had anticipated for SKYW, and we raise our 2012E from $0.35 to $0.75 (street $0.84) and our 2013E from $0.80 to $1.00 (street $1.20). As a result of our estimate hike, our price objective climbs to $9.00 from $8.00, and we raise our SKYW rating to Neutral from Underperform."
Skywest closed at $8.09 on Monday.
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