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By Market News Video Staff, Thursday, November 11, 1:19 PM ET
Citigroup (NYSE:C) downgraded shares of JetBlue (NASDAQ:JBLU) today, but initiated coverage on shares of Alaska Air (NYSE:ALK) with a buy rating. Citi cut JetBlue from buy to hold, basing its call on the stock’s valuation. Citi believes JetBlue is trading near an appropriate price, and hiked its target from $7 to $8 per share. While the firm believes Alaska Air is trading at a discount to its peers, and rated it a buy, with a $75 price target.
JetBlue shares are trading lower by 1.4% today, while Alaska Air shares are off just 0.3% so far.
JetBlue accounts for 3.56% of the Guggenheim Airline ETF (FAA) portfolio and Alaska Air makes up another 3.46% of the portfolio. Top stock United Continental Holdings (NYSE:UAL) announced its venture with All Nippon Air had been approved today, and the stock – which is 18.55% of the FAA fund - is trading about flat.
Southwest (NYSE:LUV) and Delta (NYSE:DAL) are also top stocks in the fund, at 14.66% and 14.32% of the portfolio, respectively.
The ETF Channel Flexible Growth Investment Portfolio is designed to seek growth for investors — anywhere and everywhere. The key to the program is our portfolio strategy allows us complete flexibility in terms of asset allocation as there are no predetermined guidelines as to the level of stocks, bonds, cash, regions, countries, sectors, commodities, or even asset classes in the portfolio! In short, this is a completely flexible portfolio designed to follow the performance trail wherever it leads us.
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