Citi keeps a Neutral rating on JetBlue Airways (JBLU) with a $5.50 price target after speaking regarding Carl Icahn’s investment. At this very early stage, there are “virtually no details nailed down at this point” regarding what Icahn might do with this investment, the analyst tells investors in a research note. Citi finds it possible that Icahn sees capital deployment opportunities associated with the probability that JetBlue would eventually have to walk away from its planned merger with Spirit Airlines (SAVE). The firm says this surprise investment could sustain short-term enthusiasm in JetBlue shares.
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- Spirit Airlines working with advisers to address debt, WSJ reports
