Allegiant Travel upgraded to Buy from Hold at Melius Research

Melius Research analyst Conor Cunningham upgraded Allegiant Travel to Buy from Hold with a $160 price target to reflect optimism around the many earnings building blocks ahead. The firm notes Allegiant has been hellbent on realigning the business around the airline. The sale of Sunseeker and now the acquisition of Sun Country position the company to drive further relevance with investors. The result is a potentially clean story in the leisure-centric aviation space, argues Melius.