Stock Analysts Update on Spirit Airlines Inc (NASDAQ:SAVE)

Spirit Airlines Inc (NASDAQ:SAVE) upgraded at Evercore ISI. As previously reported, Evercore ISI upgraded Spirit Airlines to Buy from Hold with an $85 price target. The firm views valuation as reasonable and believes Q2 unit revenue guidance will be a bottom, capacity growth is moderating, and Spirit has a widening cost advantage vs. peers.

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SAVE reported last quarter earnings on April 29. The Airlines company announced earnings per share of $0.96 against a consensus Street estimate of $0.96, matching the average estimate. This corresponds to an increase of $0.46 compared to the same quarter of the previous fiscal year.

Spirit Airlines Inc (NASDAQ:SAVE) is currently trading 18.24% below its 52-week-high, 32.28% above its 52-week-low. The 12-months range for the stock is $52.75 – $85.35. Spirit Airlines Inc (SAVE) has a price to earnings ratio of 22.64 versus Nasdaq average of 20.02. SAVE stock price has underperformed the Nasdaq by 12.4%. The Airlines company is currently valued at $5.07 billion and its share price closed the last trading session at $70.66. The stock has a 50-day moving average of $76.38 and a 200-day moving average of $74.93.

Spirit Airlines Inc (SAVE) current short interest stands at 1.94 million shares. It has decreased by 2% from the same period of last month. Around 3% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.53 million shares, the number of days required to cover the short positions stand at 1.3 days.

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There are currently seventeen analysts that cover SAVE stock. Of those seventeen, thirteen have a Buy rating, four have a Hold rating. On a consensus basis this yields to a Buy rating. The consensus target price stands at $98.87.

A recent analyst activity consisted of Citigroup reiterating their Buy stance on February 18. Citigroup increased their price target on SAVE from $85 to $97. This corresponds to a 37.28% upside from the last closing price. On the date of report, the stock closed at $79.95.

Credit Suisse initiated their coverage on the stock with Outperform rating on February 13, and fixed their price target at $100. This corresponds to a 41.52% upside from the last closing price. On the date of report, the stock closed at $79.32.

Another research firm was CRT Capital who reiterated their Buy stance on January 20. CRT Capital increased their price target on Spirit Airlines Inc from $103 to $105. This translates to a 48.6% upside from the last closing price. On the date of report, the stock closed at $73.9.

Company profile

Spirit Airlines Inc. is a low-fare airline based in Miramar, Florida. The Airline provides low-cost travel opportunities principally to and from South Florida, the Caribbean and Latin America. Spirit Airlines basic service combines with a range of optional services for additional fees, targets price sensitive leisure travelers and travelers visiting friends and relatives.

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