NEW YORK (TheStreet) -- Shares of JetBlue Airways (JBLU) are higher by 0.52% to $15.17 Friday afternoon, continuing its gain after airline stocks hit their highest levels in almost 14 years yesterday, following higher earnings estimates for six U.S. carriers by analysts at JPMorgan Chase, Bloomberg reports.
JPMorgan Chase said airline stocks are undervalued, and raised its price target on shares of JetBlue to $18.50 from $15.50 with a "neutral" rating.
Analysts at the firm added that investors haven't boosted airline stocks commensurately with the "precipitous" decline in fuel prices, noting that domestic fares are higher and transatlantic capacity hasn't gone up as expected.
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Long Island City, NY-based JetBlue is a passenger airline with its fleet of 120 Airbus A320 aircraft and 49 EMBRAER 190 aircraft, with most flights having as an origin or destination of New York City.
TheStreet Ratings team rates JETBLUE AIRWAYS CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate JETBLUE AIRWAYS CORP (JBLU) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and attractive valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins."