FY18 shaping up nicely - Move to Overweight
We view Southwest as the best-in-class US airline, although we have historically remained cautious given the valuation premium attributed the company relative other airlines under coverage (ie. DAL). However, with relative valuations contracting in recent months, alongside the company's recent upgrade to Q4 guidance and a likely tailwind from potential corporate tax reform in the US, we now see an attractive entry point to a long-term growth story.Southwest Airlines operates Southwest Airlines, a passenger airline that provides scheduled air transportation in the United States and near-international markets. The company has Boeing 737 aircraft in its fleet and serves destinations in various states, the District of Columbia, the Commonwealth of Puerto Rico, and other near-international countries such as Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. The company principally provides point-to-point service, which allows for direct nonstop routing. The company also provides a suite of digital platforms to support Customers' needs prior to and during the course of their travel.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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