The firm said it upped its rating on the airliner as it believes Alaska Air is in a good position and able to continue buying back stock.
Credit Suisse set a $78 price target on Alaska Air stock.
"We are less worried about ALK's issues in SEA with the rate of competitive capacity adds declining, and more worried about industry-wide fare compression," Credit Suisse said in a note.
"We expect ALK to buy back up to 8% of its market cap in 2015, second only to Delta Air Lines (DAL), and we see the least downside to ALK consensus," the firm added.
Shares of Alaska Air are higher by 2.31% to $63.46 at the start of trading on Thursday.
Separately, TheStreet Ratings team rates ALASKA AIR GROUP INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALASKA AIR GROUP INC (ALK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."