Rolls Royce (RYCEY) stock slumped Thursday after analysts at JPMorgan cut their price target for the shares less than a month before the engine manufacturer reports full-year results.

JPMorgan slashed its target to 730 pence ($9.12) from 890 pence, in the latest sign of deteriorating investor sentiment toward the company -- since it emerged that Airbus (EADSY) has had to postpone a number of A380 deliveries. The Airbus A380 relies on Rolls Royce's Trent engines.

Rolls Royce shares dropped more than 4% in early trading to 638 pence each. The stock has shed close to 15% of its value in the last three months. 

In late December, Airbus said that six 2017 deliveries to Emirates Airlines will now be pushed back by a year and that a further six, from the 2018 order book, will be pushed back into 2019.

The French firm told investors that it will accelerate fixed-cost reductions in order to minimize the impact on its bottom line but gave no explanation for why the orders are being held up.

Rolls Royce manufactures engines for Airbus jets within its civil division, which accounts for more than 50% of the group's revenue and provides nearly two-thirds of operating income.

But increased production of Trent engines to accommodate a burgeoning order book from Airbus, as well as further investment into the development of new models, has boosted cash consumption for the group and led some analysts to express concern.

"We hope that Rolls-Royce's next educational communication explains the cash flow dynamics in more detail," said Andrew Gollan at Berenberg in November.

The group agreed to part company with its Finance Director David Smith at an unspecified date in the new year, with Smith leaving to pursue "other business opportunities," while Stephen Daintith will be joining Rolls Royce from Daily Mail & General Trust and assuming the top financial job in 2017.