Zacks Investment Research has downgraded its recommendation on TAM to Underperform from Neutral. The analyst stated that they believe “the formation of LATAM due to the proposed merger of Lan Airlines and TAM S.A may abruptly push the company into a platform of sturdy competition against tougher rivals. This may affect the company’s profitability. Moreover, the delay in merger due to the Chilean authority, leading to a start-up hindrance involves a negative sentiment for the time being.” That said, they also stated that TAM’s continued fleet development program and proposed merger are conducive toward meeting the escalating air tourism demand,

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