Airline stocks have tumbled across the board as travel demand dropped to near-zero amid the global coronavirus pandemic and lockdowns around the world.
"We continue to like leisure exposed airlines with good liquidity and strong balance sheets," he wrote in the note. Although US airlines as an industry are expected to see their collective net debt increase 40% over 2020, largely as they attempt to survive the pandemic, Southwest and Alaska will likely be below the average, Didora wrote — Alaska is forecasted to only grow its debt by 8%.
Corporate travel is expected to return more slowly than Leisure, hindering the expected financial performance of the major US carriers: American, Delta, and United.
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