Airline stocks slumped Tuesday after Jefferies analysts ꩵlowered their ratings for three of the four major U.S. carriers, writing “consumer sen🐠timent continues to disappoint.”

The broker dropped American Airlines (AAL) and Delta Air Lines (DAL) to “hold” from “buy,” and Southwest (LUV) down to “underperform,” sending shares of all three companies between 3% and around 5% lower in early trading Tuesday.

The downgrades come after Delta, Southwest, and American each 澳洲幸运5开奖号码历史查询:lowered their projections for the first quarter of the year, citing an uncertain 澳洲幸运5开奖号码历史查询:macroeconomic environment, along with 澳洲幸运5开奖号码历史查询:extreme weather. Jefferies expects the airlines to cut their full-year projections as well, with uncertainty “swelling” around the impact of tariffs 澳洲幸运5开奖号码历史查询:expected to take effect this week.

United Airlines (UAL) is the lone U.S. carrier with a "buy" rating from Jeffieres, given its "[opportunity] beyond 2025” and a strategy that “remains at the forefront of the industry.” Share𒆙s of United slid more than 4% on Tuesday.

However, United isn’t immune from macro trends. In 2024, all four major airlines reported a higher cost per available seat mile than passenger revenue per available seat mile, meaning they’re effectively 澳洲幸运5开奖号码历史查询:losing money transporting passengers. The companies are still profitable, but it's due in part to the growth of lucrative co-branded credit cards, such as 澳洲幸运5开奖号码历史查询:United’s relationship with JPMorgan Chase (JPM).