MarketWatch has reported a 3.3% surge in shares of American Airlines Group Inc. (AAL) following an upgrade by a Raymond James analyst in American´s position to market perform status, the news source said.
Following American´s recent selloff, the analyst backed away from a bearish stance on the company to a more balanced risk-reward scenario, after being rated at underperform since June 5.
American´s stock had plunged 44% from its June 8 recovery peak of USD 20.31 through Friday, while the US Global Jets ETF JETS, -0.56% has fallen 27% over the same time.
The airline said its view remains that bankruptcy is not in the cards for American in 2020 with Chapter 11 only a potential avenue if the earnings recovery stalls over multiple years.
Year to date, American´s stock has plunged 59% while the Jets ETF has shed 49% and the S&P 500 SPX, +0.74% has edged up 0.1%.