UPDATE: Deutsche Bank Downgrades Alaska Air Group to Hold, Maintains PT at $80

Deutsche Bank downgrades Allegiant Travel (NASDAQ: ALK) to Hold from Buy and maintains its $80 PT as the expected performance in 2012 may be already priced in. Deutsche bank says, "In 2011, our best performing stocks were ALGT and ALK, which primarily serve domestic routes. Lack of exposure to Europe and Japan clearly did not hurt both carriers, which experienced strong margins and share price outperformance last year. While both names are expected to perform well in 2012, we feel this is already incorporated in their respective valuations, and therefore, we are lowering our rating on both stocks from Buy to Hold."ALK closed at $74.76 per share on Monday.