Tiger Brokers

ALGT获上调至强烈买入评级 运力自律对冲航空行业多重压力

金吾财讯
Aug 24

金吾财讯 | Raymond James将Allegiant Travel Company（ALGT）评级由跑赢大盘上调至强烈买入。机构认为该股过去一个月股价回调15%，叠加航空行业基本面环境向好，形成具备吸引力的布局窗口。分析师Savanthi Syth对全行业预期进行调整，充分考量燃油价格波动以及美国国内航空运力扩张现状，将四季度美国国内运力增速预期由1.5%上调至2.3%，体现美国航空（AAL）、联合航空（UAL）业务加快扩张的判断。Allegiant Travel Company同样面对燃油成本、极端天气、行业运力过剩等全行业共性难题，但公司具备灵活的运力调控模式，完成收购Sun Country之后实现经营规模进一步扩张。机构研报指出，高企燃油成本与并购整合落地风险属于短期扰动因素，公司营收增长态势稳健，旺季阶段恪守运力投放纪律，叠加Sun Country并购有望在中期增厚每股收益、释放业务协同价值，公司投资价值突出。剔除燃油带来的负面影响，机构判断2026年公司拥有多项内生增长动力，前期新航线扩张节奏放缓、Allegiant Extra与Allegiant First高端业务带来增量收入、MAX机型持续投用优化单位成本CASM，旺季合理控制运力投放，共同支撑企业经营表现。分析师将目标价下调16%至116美元，但该价位相比上周五收盘价依旧存在42%的上行空间。航空板块整体仍将持续受油价波动、供需格局变化的影响。

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