Raymond James raises jet fuel outlook, cuts airline estimates, upgrade Allegiant to Strong Buy

ALGT +0.18% AMD -3.90% CL +1.02%

1. 1Raymond James raised its airline estimates across the board citing an upward revision to its jet fuel outlook, while upgrading Allegiant Travel (ALGT) to Strong Buy.
2. 2The firm raised its jet fuel forecasts for 2H 2026, 2027, and 2028 by roughly 18%, 14%, and 7%, respectively, and Allegiant shares rose more than 2% in pre-market trading.
3. 3The jet fuel upgrade mainly reflects expanded refining margin assumptions, and the firm noted that even excluding fuel, the constructive backdrop was offset by sharp share price declines quarter-to-date.

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