JetBlue Airways against the analysts as CEO Dave Barger pursues a customer friendly hybrid strategy

JetBlue has spent most of 2014 defending its business model to shareholders and equity analysts that are growing increasingly impatient over rewards, and in some cases are pushing the airline to steer its strategy away from its historically customer friendly philosophy.

Wall Street is having trouble comprehending the customer "sweet spot" JetBlue is targeting - and which for that reason is a tough segment to quantify. As JetBlue transitions, it isn't generating the sort of returns the analysts are lusting for.

In other areas JetBlue seems to be making all the right moves - driving down costs, boosting ancillary revenue, and building up its network in areas where it holds strength and quickly builds profitability - Florida and the Caribbean.

All those elements appear to be a logical plan of action; but JetBlue still finds itself on the defensive, and may find itself stuck in that position for the short to medium term. CEO Dave Barger is meanwhile sticking to his guns. The new formula will take time to stick with passengers though; hopefully they will agree with his market perception of what they want.