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.

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.

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