UPDATE: Goldman Sachs Downgrades JetBlue Airways to Sell on Traffic Risks
Goldman Sachs reduced its rating on JetBlue Airways (NASDAQ: JBLU) from Neutral to Sell and lowered its price target from $5 to $4.50.
Goldman Sachs noted, "We downgrade JBLU to Sell from Neutral, as the recent rally in shares has skewed the risks toward the downside. Shares of JBLU have outperformed our transportation coverage group by 5 ppt and the S&P by 10 ppt since September 28, as jet fuel prices have declined 7% over the same period. However, we believe softening traffic demand trends will more than offset the incremental cost savings. We cut our 4Q12 EPS estimate to $0.03 from $0.05 and reduce our 2013 EPS estimate by 8% to $0.55 on lower near-term traffic assumptions."
JetBlue Airways closed at $5.03 on Thursday.
Latest Ratings for JBLU
|Oct 2015||Credit Suisse||Downgrades||Outperform||Neutral|
|Oct 2015||JP Morgan||Downgrades||Overweight||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.