Cowen: Alaska Air looks attractive

The earnings multiple on Alaska Air (ALK +0.4%) is the lowest in the sector coverage of Cowen, note analysts.

The carrier trades at 4.7X 2015 EV/EBITDAR vs. an industry average of 6.0.

Cowen thinks the company's strong performance has been discounted over investor worries about Delta's capacity growth in the Seattle market.

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