Southwest Airlines rises after Jefferies upgrades to "hold"

Southwest Airlines' shares LUV.N rise 3.4% to $31.99 premarket

Jefferies upgrades rating to "hold" from "underperform", citing growing confidence in LUV's "realizable" initiatives

Says LUV expects $1.8 bln EBIT in 2025 from initiatives, including tactical changes to yield, inventory management, new distribution channels, cuts to underperforming cities, cost reductions, bag fees, basic fares and loyalty programs

Lifts PT to $33 from $24, representing a 6.6% upside to the stock's last close

5 of 23 brokerages rate the stock "buy" or higher, 11 "hold" and 7 "sell" or lower; their median PT is $26.45 - LSEG compiled data

As of last close, stock had fallen ~8% YTD