Southwest Airlines Upgraded to Hold by Jefferies on Valuation After Recent Selloff Tied to Boeing 737 Max Delays

Jefferies upgraded Southwest Airlines (LUV) to Hold from Underperform and raised their price target to $28 from $20
The upgrade comes after Southwest shares sold off sharply when the company cut capacity plans due to fewer Boeing 737 Max deliveries
Jefferies says Southwest shares are now fairly valued following the selloff
The lack of Max deliveries could free up cash for Southwest in the near term
Jefferies cites pressures like student loan debt as a headwind for consumer spending on air travel