JetBlue Stock Has Doubled in Less Than a Month: Can It Keep Rising?
For JetBlue Airways (NASDAQ: JBLU), 2020 was supposed to be the culmination of a multiyear campaign to improve profitability. Back in late 2018, the airline set out an ambitious goal of growing adjusted earnings per share to between $2.50 and $3.00 by 2020. For comparison, the company posted adjusted EPS of $1.55 in 2018 and $1.90 in 2019.
As recently as January, management reiterated its $2.50 to $3.00 EPS target. Then, the COVID-19 pandemic swept across the U.S., causing air travel demand to evaporate. Now, JetBlue is on track to post a sizable loss this year.
The abrupt change in the outlook caused JetBlue stock to plunge from over $20 in February to a multiyear low of $6.61 in late March. However, following two months of extreme volatility, airline stocks began to rally in mid-May. Indeed, JetBlue stock has doubled since May 13, when it closed below the $8 mark.
Source Fool.com
