** Shares of JetBlue Airways JBLU.O rise 3.6% to $5.46 premarket

** Citigroup upgrades rating on stock to "neutral" from "sell"

** Sees upside risks emerging at JBLU, "particularly in the context of a consolidating industry"

** Raises PT to $6 from $4, implying a 13% upside to stock's last close

** "There are very few airlines left for which considering strategic optionality is even a possibility – it's a short list that JBLU is on," says brokerage

** Median PT of 18 brokerages covering JBLU is $4 - data compiled by LSEG

** JBLU shares down about 40% in 2025

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))