Southwest Airlines stock has failed to get off the ground this year despite the low-cost carrier’s turnaround plan. J.P. Morgan analysts don’t think that’s going to change soon as they downgraded the stock Monday.

The “fun-luving” airline long credited its quirky, we-are-family work culture with its success. Now, after its first mass layoff, staffers wonder whether the love is gone.

Shares of Southwest Airlines (LUV) slid 2% after JPMorgan downgraded the airline to an Underweight rating from Neutral, effectively a cut from