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Azul downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Azul (AZUL) to Market Perform from Outperform without a price target Bloomberg reported last night that Azul and its creditors are weighing options including Chapter 11 bankruptcy filing, the analyst tells investors in a research note. The firm does not believe a bankruptcy filing is likely, “but cannot rule it out.” It now thinks further dilution is “inevitable” and does not believe the shares can reflect Azul’s underlying fundamentals until the $200M optional equity raise is completed and the level of dilution is clear.

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