UPDATE: Bank of America Upgrades Hawaiian Holdings to Neutral, Raises PT as International Margin Pressures Diminish - Hawaiian Holdings (NASDAQ:HA)

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In a report published Thursday, Bank of America analyst Glenn D. Engel upgraded the rating on Hawaiian Holdings (NASDAQ: HA) from Underperform to Neutral, and raised the price target from $10.50 to $16.00.In the report, Bank of America noted, “We had viewed HA as a value trap – a stock that looks inexpensive because investors underestimate the impact on int'l margins from currency and competition. While consensus estimates did fall 50% in 1H13, estimate revisions turned positive in 2H13 and int'l margin pressures ease as 2014 progresses. We raise our 2014E to $1.20 from $0.90, our 2015E to $1.35 from $1.05, and upgrade our rating to Neutral.”Hawaiian Holdings closed on Wednesday at $14.63.

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