Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link

.

NEW YORK (

TheStreet

)

-- Hawaiian Holdings

(Nasdaq:

HA

) has been upgraded by TheStreet Ratings from hold to buy. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, solid stock price performance and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

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Highlights from the ratings report include:

  • Powered by its strong earnings growth of 69.69% and other important driving factors, this stock has surged by 148.25% over the past year, outperforming the rise in the S&P 500 Index during the same period. Regarding the stock's future course, although almost any stock can fall in a broad market decline, HA should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • The revenue growth significantly trails the industry average of 42.1%. Since the same quarter one year prior, revenues slightly increased by 6.9%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Airlines industry and the overall market, HAWAIIAN HOLDINGS INC's return on equity exceeds that of both the industry average and the S&P 500.
  • Net operating cash flow has increased to $89.46 million or 23.31% when compared to the same quarter last year. Despite an increase in cash flow, HAWAIIAN HOLDINGS INC's cash flow growth rate is still lower than the industry average growth rate of 61.88%.

Hawaiian Holdings, Inc., through its subsidiary, Hawaiian Airlines, Inc., is engaged in the scheduled air transportation of passengers and cargo. Hawaiian has a market cap of $793.8 million and is part of the services sector and transportation industry. Shares are up 54.9% year to date as of the close of trading on Wednesday.

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