) to sell from hold.
Analyst Susan Donofrio says she's getting increasingly uncomfortable about the company's cash situation. She says her biggest focus is whether or not the company will be able to restructure its debt payments ($175 million due in 2004, and $125 million due in 2005) because it currently doesn't have enough cash to cover these payments.
Donofrio recommends investors steer themselves towards other leveraged airlines that do not have liquidity/bankruptcy concerns, and are more likely to rebound off of their all-time lows. She sees a 97 cents 2003 loss; she also cut her $8 target to $6.