The Ratings Game: American Airlines suffers double downgrade at J.P. Morgan, price target withdrawn

Shares of American Airlines Group Inc. bounced Monday off a record closing low, but underperformed the big rally in the broader stock market, after J.P. Morgan analyst Jamie Baker swung to bearish from bullish, saying new expectations of a drawn-out post-COVID-19 recovery with such high debt levels implies a “negative” equity value.

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