Citi analyst John Godyn upgraded JetBlue Airways (NASDAQ: JBLU) from Sell to Neutral, setting a price target of $4.50, down from a prior target of $5.30.

Godyn cited the stock's significant decline since the firm downgraded JetBlue to Sell on August 7th as the primary reason for the rating change. "We upgrade JBLU from Sell/HR to Neutral/HR primarily as a result of the significant decline the stock has experienced since our downgrade to Sell/HR on August 7th," he said.

The analyst added that the revision is part of a broader process of updating earnings per share estimates and price targets ahead of earnings season.