Azul downgraded to Underweight from Neutral at JPMorgan

Written by Emily J. Thompson, Senior Investment Analyst

Updated: May 28 2025

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Analyst Downgrade: JPMorgan analyst Guilherme Mendes downgraded Azul's stock rating from Neutral to Underweight following the company's announcement of filing for Chapter 11 bankruptcy in the U.S.
Equity Dilution Expected: The downgrade was anticipated as local reports indicated Azul was considering various strategies to manage its liabilities, and significant equity dilution is expected during the Chapter 11 process.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.