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JetBlue Gains Altitude on Analyst Upgrade, But Will it Hold?

Credit: The Street
Published on October 7, 2019 - Duration: 01:12s

JetBlue Gains Altitude on Analyst Upgrade, But Will it Hold?

Shares of air carrier JetBlue glided higher on Monday after receiving an upgrade from Buckingham Research Group analyst Daniel McKenzie to buy from neutral, even as he expects slowing U.S. growth and reduced consumer spending to impact other U.S. airlines.

Shares of JetBlue gained 1.8% to $16.66 in trading on the Nasdaq Stock Market after McKenzie raised his rating on the Long Island City-based airline and lifted his 12-month price target to $22 from $18 on what he sees as an improved valuation snapshot following the company's $800 million stock buyback announcement in September.

McKenzie's upgrade on JetBlue stands in contrast to his views on Delta Air Lines , which the analyst downgraded to the equivalent of a hold from buy and slashed his price target from $74 to $58 amid what he sees are ongoing cost pressures related to a slowing economy - for Delta, and also for other U.S. airlines.

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