Shares of American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL -2.42% keep surging Friday, and Raymond James analyst Savanthi Syth suggests enough is enough, as she turned bearish on the air carrier. Syth cut her rating to a rare underperform rating from market perform, saying she believed the stock was "priced to perfection." Only 4% of stocks covered by Raymond James analysts are rated underperform. Still, the stock shot up 19% in premarket trading, after shooting up a record 41% on Thursday after the company indicated it was boosting capacity amid signs travel demand keep improving. "The news flow is likely to remain favorable as demand (primarily leisure) continues to recover into the summer and before focus shifts to 4Q risks (i.e., business demand recovery, second wave of infections)," Syth wrote in a note to clients. "However, taking into consideration the additional debt during the current crisis, we view AAL as priced close to perfection..., which potentially invites an equity issuance to address the highly levered balance sheet." American's stock has gained 4.2% over the past three months through Thursday, while the U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS +0.42% has dropped 11.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% has tacked on 2.9%.