Citi raised the firm’s price target on JetBlue (JBLU) to $6 from $5.25 and keeps a Neutral rating on the shares. Citi’s updated model for JetBlue still does not include a potential acquisition of Spirit Airlines (SAVE), the analyst tells investors in a research note. The firm says an acquisition based on the original 2022 proposal would seem likely to erode value for JetBlue. Even without any merger, JetBlue seems unlikely to approach its pre-pandemic earnings over the coming years, adds Citi.
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