Citi cuts PT on Southwest Airlines due to expected lower RSAM

Citigroup cuts price target on Southwest Airlines LUV.N to $22 from $23 due to lower expected revenue per available seat mile (RSAM) and delay in expected cost per available seat mile (CASM)

The new price target shows a 16.9% downside to the stock's last close

"Southwest faces the additional hurdle of heightened passenger attrition risks, as the carrier moves away from long-cherished policies such as open seating, no checked bag fees and no loyalty point expiration"- Brokerage

CITI maintains 'sell' rating on the co's shares

LUV adj. EPS beat analyst estimates for consecutive four quarters

5 of 23 brokerages rate the stock "buy" or higher, 11 "hold" and 7 "sell" or lower; their median PT is $27.50 - data compiled by LSEG

As of last close, stock had fallen 21.2% YTD ... compared with a 28.5% YTD decline in the S&P 500 Passenger Airlines(Industry) index .SPLRCALI