Sun Country Airlines Inc. (NASDAQ:SNCY) shares wsurgedThursday following an announcement of an Amended and Restated Air Transport Services Agreement with Amazon.
What Happened: The agreement extends their partnership through 2030, with provisions for further extension until 2037. This new deal allows Sun Country to expand its cargo operations by up to eight Boeing 737-800 cargo aircraft starting in early 2025. By the third quarter of 2025, all eight aircraft are expected to be operational, boosting Sun Country's fleet from 12 to potentially 20 freighters.
Jude Bricker, CEO of Sun Country Airlines, emphasized the importance of Amazon as a key customer and expressed confidence in the airline's ability to deliver exceptional service.
"Amazon is an extremely important customer to Sun Country and strong execution on our current cargo services positioned us well to grow our business. We look forward to continuing to provide services to Amazon into the 2030s," said Bricker.
What Else: Morgan Stanley maintained an Overweight rating on Sun Country Airlines and retained a price target of $21 per share. Additionally, the airline will provide a business and second-quarter update on June 21, 2024.
SNCY Price Action: Sun Country Airlines shares were up by 12.3%, trading at $11.55 according to Benzinga Pro.
Image: Fuzz from Pixabay.
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