JetBlue upgraded to In Line at Evercore ISI following 35% decline

As previously reported, Evercore ISI analyst Duane Pfennigwerth upgraded JetBlue (JBLU) to In Line from Underperform with a $4.50 price target following the 35% decline in shares since the firm’s previous downgrade in July. The Spirit Airlines (SAVE) and JetBlue trial is set for October 16 and Spirit margins “continue to surprise to the downside, exacerbated by GTF engine reliability issues,” the analyst tells investors in a broader research note on the group in which the firm also adjusting airline estimates for higher assumed fuel curve and its estimate for Hawaii impact selectively. “We would be surprised to see revenue guidance raises at upcoming early September conferences,” the firm notes.