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Southwest Airlines Co

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Southwest Airlines Earnings: Woe to Low-Cost Airlines With Escalating Costs; Fair Value Unchanged

On Jan. 25, Southwest released 2023 results and initial expectations for 2024, and we were surprised by the escalation in costs throughout the airline's accounts. While we are retaining our fair value estimate of $19 per share, our forecast includes thin margins and is predicated on market share gains from a distressed low-cost competitor.

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