The recovery of the US airline sector from the COVID-19 downturn is increasingly likely to be a “multi-year affair”, says JPMorgan aviation analyst Jamie Baker. “We are growing increasingly convinced that the industry’s recovery to 2019 levels of output will be a multi-year affair. Our current base case assumes 2021 EBITDAR will recover to only ~75% of 2019 levels,” Baker said in an analyst note. According to Baker, liquidity remains to be in focus as equities continue to trade on news surrounding firm’s balance sheet resilience as the final impact on fundamentals from COVID-19 remains uncertain. Given the degree of

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