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The shares of several airline companies are trading higher on Wednesday, rebounding from bearish price action after fear surrounding a new COVID variant in the U.K. eased.
American Airlines (NASDAQ: AAL) is the world s largest airline by scheduled revenue passenger miles. After completing a major fleet renewal, the company has the youngest fleet of U.S. legacy carriers.
American Airlines s stock traded up 4.01% to $16.10 per share on Wednesday. The stock has a 52-week high of $30.78 and a 52-week low of $8.25.
Southwest Airlines (NYSE: LUV) is the largest domestic carrier in the U.S, as measured by the number of originating passengers boarded. Southwest operates over 700 aircraft in an all-Boeing fleet.
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Airline stocks have been flying high since the March market bottom, but one Wall Street analyst said Wednesday that a few of them have flown too high too fast.
The Analyst: JPMorgan analyst Jamie Baker double-downgraded the following three airline stocks:
JetBlue Airways Corporation (NYSE: JBLU) from Overweight to Underweight, price target cut from $16 to $14.
Spirit Airlines Incorporated (NYSE: SAVE) from Overweight to Underweight, price target reiterated at $25.
United Airlines Holdings Inc (NYSE: UAL) from Overweight to Underweight, price target cut from $47 to $44.
The Thesis: In the downgrade note, Baker said his bearish take on the three airline stocks has mostly to do with their valuations after strong rallies in the last six months.
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Spirit Airlines (NYSE: SAVE) shares are trading lower on Wednesday after JPMorgan downgraded the stock from Overweight to Underweight.
Spirit Airlines serves the United States, Latin America, and Caribbean as an airline operator. It primarily offers customers unbundled base fares to strip out any unneeded travel amenities.
Spirit Airlines shares were trading down 2.47% at $26.02 at publication time. The stock has a 52-week high of $47.50 and a 52-week low of $7.01.
United Airlines Holdings Inc (NASDAQ: UAL) shares are trading lower after JPMorgan downgraded the stock from Overweight to Underweight and lowered its price target from $47 to $44.
United Airlines is the world s third-largest airline by scheduled revenue passenger miles. United s hubs include San Francisco, Chicago, Houston, Denver, Los Angeles, New York/Newark, and Washington, D.C.