TD Cowen analyst Tom Fitzgerald lowered the firm's price target on Alaska Air to $54 from $63 and keeps a Buy rating on the shares. The firm cut estimates for the big 6 U.S. airlines and Air Canada as it marked fuel estimates to market. TD assumes the airlines will be able to recapture a portion of the spike in fuel prices, but says it is hard to envision margin expansion this year "barring a rapid decline" in energy prices.
