JP Morgan Raises Alaska Air Group Estimates

JP Morgan is raising its estimates on shares of Alaska Air Group, Inc.

. “Following the release of June traffic figures and revised 2Q guidance, we are raising our Q2 estimate from $2.21 to $2.43 vs. $2.39 consensus,” JP Morgan writes. “Consolidated ex-fuel CASM is now expected to emerge a single percentage point lower to 8.35¢ midpoint (vs. previous guidance and our 8.45¢ estimate) with consolidated PRASM +6.5% midpoint compared to our +6.9% estimate. “Remaining guidance metrics (including fuel) were largely unchanged from the June 13th guidance update. Our 2011 estimate also rises from $7.09 to $7.31 vs. consensus $7.69. No change to our price target or Neutral rating.” Alaska Air Group closed Wednesday at $67.57.