JetBlue (JBLU) – Get Report, United Airlines (UAL) – Get Report and Spirit Airlines (SAVE) – Get Report all saw their shares rise Wednesday as J.P. Morgan analyst Jamie Baker upgraded them amid expectations of a recovery for the industry in 2022.
JetBlue received a double upgrade.
Airline stocks also have benefited from President Donald Trump on Tuesday called on Congress to approve $25 billion in aid for airlines.
As for J.P. Morgan, an industry recovery in 2022 signals “upside potential in excess of 40%” for several stocks, Baker said in a commentary cited by Bloomberg.
He upgraded JetBlue, Long Island City, N.Y., to overweight from underweight, lifting his share-price target to $17 from $12.
JetBlue recently traded at $12.11, up 5.2%. The shares have slumped 34% year to date.
He upgraded Chicago-based United Airlines to overweight from neutral, boosting its share-price target