Zacks Investment Research Upgrades JetBlue Airways Corp. (JBLU) to Buy
JetBlue Airways Corp. (NASDAQ:JBLU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $20.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 15.01% from the stock’s previous close.
According to Zacks, “We are impressed by the renewable jet fuel purchase agreement inked by JetBlue Airways with SG Preston. The carrier's strong August traffic report is also encouraging . We also appreciate the carrier’s bullish unit revenue forecast for the third quarter. We are also positive on the U.S. DOT’s decision to grant final approval to eight carriers, including JetBlue, to initiate commercial flights to Havana. The approval was gained on the same day the first U.S. flight landed in Cuba in more than 50 years. The flight from Fort Lauderdale to Santa Clara was operated by JetBlue. However, we remain concerned about headwinds like the surge in terror attacks and uncertainty following Brexit, to name a few. Moreover, the company’s failure to seal the deal to buy Virgin America has dealt a blow to its expansion plans.”
Other equities research analysts also recently issued reports about the stock. Vetr downgraded shares of JetBlue Airways Corp. from a “strong-buy” rating to a “buy” rating and set a $20.58 target price for the company. in a report on Thursday, July 14th. Cowen and Company reaffirmed a “buy” rating and set a $23.00 price target on shares of JetBlue Airways Corp. in a research report on Monday, June 13th. Credit Suisse Group AG set a $20.00 price target on shares of JetBlue Airways Corp. and gave the company a “hold” rating in a research report on Monday, September 12th. Morgan Stanley reaffirmed a “hold” rating and set a $19.00 price target on shares of JetBlue Airways Corp. in a research report on Sunday, August 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of JetBlue Airways Corp. from $24.50 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 27th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $23.37.
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Shares of JetBlue Airways Corp. (NASDAQ:JBLU) opened at 17.39 on Tuesday. JetBlue Airways Corp. has a 52 week low of $14.76 and a 52 week high of $27.09. The company’s 50-day moving average is $16.80 and its 200 day moving average is $17.98. The stock has a market cap of $5.63 billion, a PE ratio of 7.72 and a beta of 0.36.
JetBlue Airways Corp. (NASDAQ:JBLU) last released its earnings results on Tuesday, July 26th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. JetBlue Airways Corp. had a net margin of 11.73% and a return on equity of 22.84%. The firm earned $1.60 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the firm earned $0.44 earnings per share. JetBlue Airways Corp.’s revenue was up 1.9% compared to the same quarter last year. Analysts forecast that JetBlue Airways Corp. will post $2.19 earnings per share for the current fiscal year.
In other JetBlue Airways Corp. news, Director Joel Clinton Peterson sold 5,120 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $15.81, for a total transaction of $80,947.20. Following the completion of the sale, the director now owns 599,773 shares in the company, valued at $9,482,411.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP James G. Hnat sold 10,000 shares of the business’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $17.27, for a total transaction of $172,700.00. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in JBLU. Acrospire Investment Management LLC acquired a new stake in JetBlue Airways Corp. during the first quarter valued at $112,000. Exane Derivatives raised its stake in JetBlue Airways Corp. by 173.3% in the second quarter. Exane Derivatives now owns 6,623 shares of the company’s stock valued at $110,000 after buying an additional 4,200 shares during the last quarter. Cribstone Capital Management LLC acquired a new stake in JetBlue Airways Corp. during the second quarter valued at $115,000. Advisor Group Inc. acquired a new stake in JetBlue Airways Corp. during the second quarter valued at $163,000. Finally, Advance Capital I Inc. acquired a new stake in JetBlue Airways Corp. during the second quarter valued at $167,000. Hedge funds and other institutional investors own 79.64% of the company’s stock.
JetBlue Airways Corp. Company Profile
JetBlue Airways Corporation is a passenger carrier company. The Company provides air transportation services across the United States, the Caribbean and Latin America. It operates various types of aircrafts, including Airbus A321, Airbus A320 and Embraer E190. It also provides premium transcontinental product called Mint.
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