JP Morgan Reduces Southwest Airlines Estimates - Southwest Airlines (NYSE:LUV)

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JP Morgan is reducing its estimates on shares of Southwest Airlines Co. (NYSE: LUV).“LUV June RASM of 5% (excluding AAI) implies 2Q RASM of 6.7% vs. our 8.9% estimate. Holding other inputs constant (as LUV does not provide late-quarter cost guidance), this reduces our 2QE EPS from $0.26 to $0.20 vs. consensus of $0.22,” JP Morgan writes.“Accordingly, our FY11E EPS moves from $0.67 to $0.61 vs. consensus of $0.69. No change to our price target or Neutral rating.”Southwest Airlines closed Wednesday at $10.88.

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