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Raymond James Downgrades Gol Linhas Aereas

Raymond James downgrades Brazilian discount airline Gol Linhas Aereas Inteligentes ADS (GOL) 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.

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