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.
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