Seaport Research downgraded JetBlue (JBLU) to Neutral from Buy without a price target The shares are down 25% intraday on a Q1 revenue guidance that fell short of investor expectations and continued issues with Pratt & Whitney engines that call into question the timing of “normalized earnings,” the analyst tells investors in a research note. The firm still believes JetBlue is a fundamentally improving earnings story, but says the “near-term bull case gets tougher to make” given that the company’s earnings recovery is pushed out due to external forces beyond management’s control. JetBlue in afternoon trading is down 28%, or $2.25, to $5.84.
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