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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "Elliott",
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  "presentationDate": "2024-06-10 00:00:00",
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  "notes": "Uses an 'EXIT' sign metaphor to suggest investors are losing faith.",
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      "text": "Investors appear to have given up on Southwest and believe today's performance is the 'new normal'",
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      "text": "Investors appear to have given up on Southwest and believe today’s performance is the “new normal”",
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      "text": "16 downgrades and 0 upgrades since year-end 2022; Estimates well below prior earnings power; Market value of aircraft exceeds enterprise value",
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      "text": "4+ years of consistent disappointments and self-inflicted performance deterioration; Complacent approach and lack of urgency; Preference for incrementalism; Poor cost execution",
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      "text": "Source: Company filings, Bloomberg as of 6/7/2024, Cirium as of 6/7/2024. (1) Analyst upgrades and downgrades reflect cumulative net rating changes here and throughout these materials.",
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      "text": "More Time Will Not Fix Southwest's Issues",
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