From the analysis of the company comparison multiples and the discounted cash flows, we conclude that the JetBlue Airways I.P.O. should have a share price within the range of $27 to $29. This range is below the price per share of all leading multiples estimates and is below the DCF estimate. The range captures the more conservative trailing estimate of the Total Capital multiple estimate. To accommodate the benefits of underpricing (access to future capital; generating goodwill and publicity; enticing uninformed investors),we therefore suggest the conservative range of $27 to $29. The current suggested price of $25 to $26unnecessarily leaves too much money on the table