JetBlue's Stock Climbs To Highest Level In Over a Decade After Analyst Upgrade

Shares of JetBlue Airways surged 3.7% Monday, to the highest level seen since July 6, 2004, after the air carrier was upgraded by Raymond James because of an improved revenue outlook and exposure to healthy U.S. demand. Analyst Savanthi Syth raised his rating to outperform, after being at market perform for over five months. He set a new price target for the stock at $22, which is 17% above current levels. "JetBlue's passenger unit revenue (PRASM) has been tracking slightly above our expectations," Syth wrote in a note to clients. "Clearly our fears regarding a near-term drag on PRASM from the ramp-up of its Mint service have not materialized." Mint is JetBlue's premium service, which includes lie-flat beds and seats with massage functions. The stock has climbed 18% year to date, compared with a 2.1% decline in the NYSE Arca Airline Index and a 0.7% gain in the S&P 500 .