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Why Are Airline Stocks Down Today?


  • Airline stocks are falling on Thursday due to downgrades.
  • These come from Cowen analyst Helane Becker.
  • She dropped JetBlue (JBLU) and Allegiant (ALGT) to “market perform.”
Airline Stocks - Why Are Airline Stocks Down Today?

Source: Shutterstock

Airline stocks are down again on Thursday after companies in the sector saw shares drop earlier this week.

The latest news hitting airline stocks today is a new research note from Cowen analyst Helane Becker. The analysts took a chunk out of JetBlue Airways (NASDAQ:JBLU) and Allegiant Travel (NASDAQ:ALGT) with new ratings.

Starting with JetBlue, Becker dropped the company’s shares from an “outperform” rating to a “market perform” rating. At that same time, she also dropped the firm’s price target for the shares from $10 to $9. The average analysts’ consensus for this stock is a “hold” rating and a price target of $11.42.

Moving on to Allegiant, the Cowen analyst also dropped it from an “outperform” rating to a “market perform” rating. However, she maintained her price target of $80 per share. For the record, the analysts’ consensus for this stock is “hold” with a price target of $108.82 per share.

The Other News Hitting Airline Stocks This Week

United Airlines (NASDAQ:UAL), Southwest Airlines (NYSE:LUV), and Delta Air Lines (NYSE:DAL) shares fell earlier this week alongside news of a deal with Boeing (NYSE:BA). This saw UAL agree to acquire 100 of the company’s 787 Dreamliners.

Investors didn’t react well to this news as United Airlines laid out aggressive growth plans for the next several years. This saw the airline market take a beating that day and today’s news only drags it down further.

JBLU stock is down 2.9% and ALGT stock is down 3.4% as of Thursday afternoon.

Investors looking for more of the latest stock market news will want to stick around!

InvestorPlace is home to all of the biggest stock market stories traders need to know about on Thursday! Included in that is what’s going on with shares of Plug Power (NASDAQ:PLUG), Blue Apron (NYSE:APRN), and Third Harmonic Bio (NASDAQ:THRD) stock. You can find out more at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/12/why-are-airline-stocks-down-today-dec-15/.

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