BMO starts Alaska Air with 'outperform' rating on favorable long-term trends

BMO initiates Alaska Air Group ALK.N with "outperform" rating; price target at $50

New PT represents a 29.4% upside on stock's last close

Brokerage says visibility into immediate-term energy prices is limited, and there is risk to its estimates

However, says it sees a long-term profit improvement opportunity as ALK executes its plans, including integration of Hawaiian Airlines, reduced leverage, and transition into an international airline

3 of 17 brokerages rate the stock "strong buy" and 14 "buy"; their median PT is $68 - data compiled by LSEG

As of last close, shares down about 23.2% YTD