Raymond James downgraded JetBlue (JBLU) to Underperform from Market Perform. JetBlue is viewed as a beneficiary of Spirit Airlines's (FLYY) recent restructuring, but shares are constrained by the roughly $6.12 conversion price of its convertible debt, the analyst tells investors in a research note. A prudent course of action would be to address the capital structure via a Chapter 11 restructuring, particularly given the compelling actions taken by management over the last few years, the firm says.
