Hudson Lowers PT on Allegiant Travel Company to $55 (ALGT)

Hudson is out with its report today on Allegiant Travel Company ALGT, lowering its price target from $58 to $55.

In a note to clients, Hudson writes, "The trim to our 2011 EPS outlook prompts a change in valuation; reducing our PT to $55 (from $58) based on shares trading at 14x (unchanged) our revised 2011 EPS est. Despite the trim to valuation, we continue to believe shares at current levels represent compelling longer-term value. Mgmt's network adjustments are resulting in better revenue performance & we're anticipating more share buybacks. Maintaining our Buy rating."

Shares of ALGT closed Friday at $42.11.