Imperial Capital Trims Spirit Airlines (SAVE) Target Price to $88.00

Spirit Airlines (NASDAQ:SAVE) had its price target cut by Imperial Capital from $98.00 to $88.00 in a research note released on Wednesday, The Fly reports. They currently have an outperform rating on the transportation company’s stock. Imperial Capital also issued estimates for Spirit Airlines’ Q1 2019 earnings at $0.80 EPS, Q2 2019 earnings at $1.96 EPS, Q3 2019 earnings at $1.87 EPS, Q4 2019 earnings at $1.62 EPS and FY2020 earnings at $7.30 EPS. The analysts noted that the move was a valuation call.

Several other equities research analysts have also recently issued reports on the stock. Credit Suisse Group raised shares of Spirit Airlines to a buy rating and set a $77.00 target price on the stock in a research note on Friday, December 14th. Wolfe Research cut shares of Spirit Airlines from an outperform rating to a hold rating in a research note on Friday, December 7th. Morgan Stanley lifted their target price on shares of Spirit Airlines from $58.00 to $68.00 and gave the stock an equal weight rating in a research note on Monday, December 3rd. JPMorgan Chase & Co. lifted their target price on shares of Spirit Airlines to $59.00 in a research note on Sunday, December 2nd. Finally, Cowen lifted their target price on shares of Spirit Airlines from $55.00 to $60.00 and gave the stock a market perform rating in a research note on Tuesday, November 27th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Spirit Airlines currently has a consensus rating of Buy and a consensus target price of $60.63.

Shares of NASDAQ SAVE opened at $60.11 on Wednesday. Spirit Airlines has a one year low of $34.36 and a one year high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last issued its quarterly earnings results on Wednesday, October 24th. The transportation company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.44 by $0.03. The company had revenue of $904.33 million during the quarter, compared to analysts’ expectations of $904.05 million.

In other news, SVP Rocky Wiggins sold 4,500 shares of the business’s stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $50.56, for a total transaction of $227,520.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert D. Johnson sold 750 shares of the business’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $64.65, for a total transaction of $48,487.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,250 shares of company stock worth $398,228. Corporate insiders own 0.33% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Spirit Airlines during the 2nd quarter valued at about $105,000. Point72 Hong Kong Ltd boosted its position in shares of Spirit Airlines by 147.4% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock valued at $106,000 after acquiring an additional 1,730 shares during the last quarter. Sei Investments Co. boosted its position in shares of Spirit Airlines by 127.9% during the 2nd quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock valued at $143,000 after acquiring an additional 2,208 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Spirit Airlines during the 3rd quarter valued at about $206,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Spirit Airlines during the 2nd quarter valued at about $211,000.

About Spirit Airlines

Spirit Airlines, Inc is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity.

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