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Benzinga
Benzinga
Business
Akanksha Bakshi

Cowen Cuts SkyWest Price Target By 16%

  • Cowen analyst Helane Becker downgraded SkyWest, Inc. (NASDAQ:SKYW) to Market Perform from Outperform and lowered its price target to $42 (an upside of 13.7%) from $50. 
  • Becker mentions that the read-through from the recent Mesa Airlines earnings release regarding higher maintenance costs, longer maintenance times, and employee attrition "are concerning."
  • The analyst thinks SkyWest is likely suffering from similar issues and that wage rates for certain labor groups are heading higher.
  • Price Action: SKYW shares are trading lower by 6.46% at $36.94 on the last check Wednesday.
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