As previously reported, Raymond James analyst Savanthi Syth downgraded Spirit Airlines to Outperform from Strong Buy with a price target of $60, down from $65, as the analyst now expects a delay in the inflection of sentiment to early 2020. Challenging summer weather continued through August and "stubbornly low" fuel prices are unlikely to drive a firming of industry pricing as Syth previously anticipated, the analyst noted in the downgrade. Syth remains positive on Spirit's business model and points to recent insider buying as a sign of management's conviction.

JPMorgan upgraded JetBlue (JBLU) to Neutral from Underweight with a $7 price target. The company is increasingly well-positioned for a modest potential move to the upside based on improving market sentiment, and its upcoming Q2 guide coming next week may exceed consensus, the analyst tells investors in a research note. JetBlue is the second least-liked airline based on sell-side ratings, after Spirit (SAVE), with short interest on the stock also remaining "stubbornly high", the firm added.