Prabhudas Lilladher has downgraded its rating on Jet Airways to market performer with a target price of Rs 610 in its June 26, 2008 research report. "The company expects domestic operations to grow at about 10-12%, while the bulk of growth would be driven by international operations. Most of the international operations (except the US) are expected to stabilise in FY10. While revenue would continue to grow as anticipated, rising ATF costs would continue to impact margins and hence profitability. Rising fuel costs have compelled us to revise our estimates downwards."

"We expect Jet’s loss to widen to Rs 8.6 billion in FY09, while loss in FY10 is expected to be at Rs 3.1 billion. Downgrade to Market Performer target Rs 610," says Prabhudas Lilladher's research report.

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