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TD Cowen Boosts Sun Country Airlines Price Target to $20 on Amended Amazon Contract
Jun 24, 2024 8:02 PM - Davit Kirakosyan(Last modified: Jun 25, 2024 1:55 AM)
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TD Cowen analysts increased their price target for Sun Country Airlines (NASDAQ:SNCY) to $20 from $17, maintaining a Buy rating on the stock.
The analysts' revised outlook follows Sun Country's announcement of an amended contract with Amazon, which will add eight Amazon-owned B737-800BCF aircraft to their service from late first quarter 2025 through Q3/25. This deal is expected to significantly enhance cargo margins and be immediately accretive, bringing the total number of aircraft operated for Amazon to 20. To accommodate this shift, Sun Country plans to reduce its scheduled service business in 2025, which should result in a substantial increase in revenue per available seat mile (RASM) next year.
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