UPDATE: Bank of America Upgrades Hawaiian Holdings to Neutral, Raises PT as International Margin Pressures Diminish

In a report published Thursday, Bank of America analyst Glenn D. Engel upgraded the rating on

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.