JP Morgan lowers American Airlines' PT, estimates on downbeat outlook
** J.P. Morgan cuts PT on American Airlines AAL.O to $21 from $24
** JPM lowers Q3 EPS est. to 58 cents (vs. 70 cents consensus) from prior est. of 66 cents and Q4 EPS est. to 22 cents (vs. 68 cents consensus) from 45 cents
** Brokerage also drops FY24 EPS forecast to $1.50 (vs. $2.31 consensus) from $1.80 and FY25 expectation to $2.40 (vs. $2.99 consensus) from $2.50
** "We do not view American as 'fatally and structurally flawed', though we readily admit the pivot to more of a show-me story may restrain equity upside potential in the near-term," - says JPM
** AAL CEO Robert Isom on Wednesday promised reset of its sales and distribution strategy after carrier cut its earnings forecast for current quarter despite robust demand for travel, which sent its shares tumbling about 14%
** 8 of 20 brokerages rate stock "buy" or higher, 10 "hold" and 2 "sell"; their median PT is $17
** YTD, AAL is down 15.4%
Reporting by Abhinav Parmar in Bengaluru
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