Raymond James cuts Alaska Air's PT, cites fuel costs

Raymond James cuts price target on Alaska Air ALK.N to $50 from $70; reiterates "outperform" rating

New PT still represents a 46.2% upside to stock's last close

Brokerage says ALK has been significantly hurt by volatility in refining margins, especially in Singapore, which supplies ~20% of its fuel and is usually its cheapest source

Raymond James notes ALK cited demand weakness in Mexico tied to unrest in Puerto Vallarta, along with severe rainstorms and historic flooding in Hawaii

Adds that Puerto Vallarta and Hawaii make up about 30% of Alaska’s capacity, and both March and April are affected

Median PT of 18 brokerages covering the stock is $67 - data compiled by LSEG

As of last close, ALK down 32% YTD