12:08 PM EDT, 05/29/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph, and analyst actions in the fourth paragraph.)

American Airlines Group ( AAL ) shares fell 14% in recent trading Wednesday after the company cut its Q2 earnings guidance.

Adjusted earnings per diluted share for the June quarter are now expected between $1 and $1.15, versus the company's prior forecast of $1.15 to $1.45, the company said late Wednesday.

Analysts polled by Capital IQ expect $1.30.

Jefferies downgraded its rating on American Airlines' ( AAL ) stock to hold from buy and reduced the price target to $12 from $17. Seaport also downgraded its rating on the company's shares to neutral from buy.

Price: 11.54, Change: -1.91, Percent Change: -14.17