Citigroup raises PT on Southwest Airlines, says carrier's initiatives can cut costs

Citigroup raises PT on Southwest Airlines LUV.N to $30 from $27; maintains "sell" rating

Carrier's strategic initiatives, such as reduced managerial headcount, could at least somewhat reduce its seat mile costs, says brokerage

New PT implies a 13% downside to stock's last close

Last week, at least two brokerages raised PT on LUV, including a rating upgrade

Five of 23 brokerages rate the stock "buy" or higher, 12 "hold" and 6 "sell" or lower; median PT is $32.50 - data compiled by LSEG

As of last close, shares up 0.92% YTD