AAL, Allegiant Travel Company NASDAQ:ALGT - Morgan Stanley Is Not Backing Down On Airlines. Should You? In a report published Tuesday, Morgan Stanley analyst Rajeev Lalwani commented on the U.S. airline sector, noting that the recent drop in fuel prices is offsetting what would have been "large" downward revisions to his earnings estimates. According to Lalwani, PRASM (passenger revenue per available seat mile) outlook for the group were mostly a "disappointment" by 200 basis points. However, jet fuel prices have fallen around 15 percent since early July, and serves as an offset to potential downward revisions. "That being said, the recovery in unit revenues remains elusive and continues to get pushed out with... More