JetBlue Airways Corp Solid Execution; Optimistic Long-term Guide

研报英文原文证据摘录

JetBlue Airways Corp Solid Execution; Optimistic Long-term Guide

Global Research

28 July 2026ab

JetBlue Airways Corp Equities

AmericasSolid Execution; Optimistic Long-term Guide

Airlines

12-month rating Sell *

JBLU is participating in the industry demand strength while Spirit's liquidation

provides incremental gains

12m price target US$5.00

All in, JBLU reported a fine 2Q while 3Q RASM guide was ahead of expectations. Plus, Prior : US$4.50

the long-term guide of $1 in EPS by FY'28 underpinned by 5% RASM lift from domestic

Price (28 Jul 2026) US$6.00

first class (BlueFirst) was a positive surprise. This coupled with positioning drove the

positive reaction in the stock today. JetBlue is clearly executing at a high level and fully RIC: JBLU.O BBG: JBLU US

capitalizing on industry demand strength as well as the opportunities in FLL presented by

Trading data and key metrics

Spirit's liquidation. Looking ahead, the company has laid out a marker with this long-

52-wk range US$6.46-4.03

term guide. It will need to show progress towards this goal in the upcoming periods.

While the building blocks to achieve its 2028 outlook seems possible, we note that Market cap. US$2.22b

assumptions of MSD% RASM for FY'27 seems a bit optimistic as the industry would lap Shares o/s 371m (COM)

the pricing actions taken in 2026. As such, we see downside to JBLU's $1 EPS guide for Free float 100%

FY'28 (our updated FY'28 EPS is now $0.59). Still, we think estimates will move higher Avg. daily volume ('000) 28,802

following this print given consensus was at $0.16 for FY'28 pre-print. Avg. daily value (m) US$152.8

Common s/h equity (12/26E) US$1.36b

JBLU's 3Q RASM guide of 12.5-16.5% was ahead of cons. of 12%. Its 3Q

P/BV (12/26E) 1.6x

revenue guide was implied 19% at mid-point vs. cons.