NEW YORK (TheStreet) -- Alaska Air Group (ALK) - Get Report  stock was upgraded to "overweight" from "neutral" at JPMorgan in a note released earlier today. 

The firm hiked its price target on shares of the Seatac, WA-based airline operator to $78.50 from $72.50. 

Shares are currently "simply too cheap to ignore," JPMorgan wrote in a note cited by the Fly.

The firm pointed to Alaska Air's "exemplary capital stewardship" and labor cost control.

On Thursday the company reported better-than-expected second-quarter earnings and said it would slow capacity growth this year.

The stock is flat in pre-market trading on Wednesday after closing at $66.53 on Tuesday.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Alaska Air's strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, increase in net income and expanding profit margins outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: ALK

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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