Hybrid Carriers Stand to Benefit From Product Initiatives, but Budding Competition Raises Concerns
We are initiating coverage of JetBlue Airways and Alaska Air Group with no-moat ratings and respective fair value estimates of $19 and $66. JetBlue and Alaska operate a hybrid model that overlaps with domestic legacy carriers and traditional low-cost carriers, in relatively small niche markets. Dissimilar to incumbent legacy carriers, JetBlue and Alaska have avoided bankruptcy over the last two decades and instead reaped the benefits of the industry's consolidation. Like legacy carriers, JetBlue...JetBlue Airways provides air transportation services. The company also provides Fare Options pricing model, at one of three branded fares: Blue, Blue Plus, and Blue Flex. Each fare includes different offerings such as checked bags, reduced change fees, and additional TrueBlue? points, with all fares including the company's primary offering of in-flight entertainment, snacks and non-alcoholic beverages. TrueBlue? is the company's customer loyalty program designed to reward and recognize loyal customers. The company operates Airbus A321, Airbus A320 and Embraer E190 aircraft types. The company also sells vacation packages through JetBlue Vacations?, a vacation service for self-directed packaged travel planning.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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