) to market perform from outperform.
Analyst Samantha Panella says although Gol Linhas's load factor, which us up about 6 percentage points year-on-year thus far in second-quarter, is running ahead of her forecast for a 4.1 percentage point increase in the quarter, its capacity is well below her expectations.
It appears that capacity should be up about 50% year-on-year in the second quarter, vs. her prior forecast for a 65% year-on-year increase. As a result, she cuts her 29 cents second-quarter earnings per ADS estimate to 22 cents, and $1.84 2005 earnings per share estimate to $1.77.
Given that this her second downward adjusted to second-quarter earnings since mid-May 2005, downgrades to market perform.