Allegiant Travel gains on Raymond James 'strong buy' rating upgrade

** Allegiant Travel ALGT.O shares gain 2% to $83.50 in premarket trading

** Raymond James upgrades rating to "strong buy" from "outperform"

** Brokerage says upgrading rating after "greater QTD pullback in shares despite a constructive backdrop(ex-fuel)"

** Adds although fuel-cost risks remain, ALGT "continues to screen favorably given strong revenue trends, peak-period capacity discipline, and medium-term EPS accretion/synergy potential from Sun Country"

** Ten out of 14 brokerages rate the stock "buy" or higher, 4 "hold"; their median PT is $123 - LSEG-data

** Up to last close, stock down 4% YTD