Sell Jet Airways, tgt Rs 460: India Infoline

India Infoline has maintianed sell rating on Jet Airways with target price of Rs 460 in its June 25, 2008 report. "Rising fuel prices, possible slowdown in traffic and depreciating rupee has resulted in profit erosion for major aviation companies like Jet Airways. The company has reported a net loss of Rs 220 crore in Q4 FY08 and Rs 665 crore in FY08. Although, it has announced hike in basic fares and surcharges, we expect this move to only partially negate the mounting fuel prices. We believe profitability would continue to remain under pressure in next few quarters on account of rising crude prices. We recommend a sell with a medium-term price target price of 460" according to India infoline report.

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