UPDATE: Bank of America Downgrades Hawaiian Holdings to Underperform on Pricing Pressures

Bank of America downgraded Hawaiian Holdings, Inc. HA from Buy to Underperform and lowered the price target from $11.00 to $7.00. Bank of America noted, "HA's unit revenue declines accelerated as 2012 progressed, and we now assume yoy declines do not cross over to marginal gains until 4Q13. … While business travel bookings accelerated in the fourth quarter, leisure demand remained sluggish, and HA is predominantly a leisure airline. In addition, we see double digit capacity growth in Hawaiian's international and West Coast markets during the first quarter. Intra-island supply has stabilized and Hawaii-West Coast market supply moderates in the spring, absent any entry by LUV." Hawaiian Holdings closed at $7.05 on Tuesday.