Spirit Airlines, Inc. (NASDAQ:SAVE) Upgraded to Overweight at J P Morgan Chase & Co
J P Morgan Chase & Co upgraded shares of Spirit Airlines, Inc. (NASDAQ:SAVE) from a neutral rating to an overweight rating in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm currently has $45.00 price target on the transportation company’s stock, down from their previous price target of $56.00.
Other equities research analysts have also issued research reports about the stock. Deutsche Bank AG cut their target price on shares of Spirit Airlines from $71.00 to $69.00 and set a buy rating on the stock in a research note on Wednesday, July 12th. Bank of America Corporation dropped their price objective on shares of Spirit Airlines from $75.00 to $68.00 and set a buy rating on the stock in a research note on Friday, June 30th. Stifel Nicolaus reissued a buy rating and set a $75.00 price objective on shares of Spirit Airlines in a research note on Saturday, April 22nd. Citigroup Inc. raised shares of Spirit Airlines from a neutral rating to a buy rating and dropped their price objective for the stock from $65.00 to $52.00 in a research note on Friday, July 28th. Finally, Morgan Stanley reissued an equal weight rating and set a $60.00 price objective (down previously from $61.00) on shares of Spirit Airlines in a research note on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Hold and an average price target of $54.96.
Spirit Airlines (NASDAQ:SAVE) traded down 0.59% during midday trading on Tuesday, hitting $39.05. 2,835,247 shares of the company were exchanged. Spirit Airlines has a 1-year low of $37.17 and a 1-year high of $60.40. The stock has a 50 day moving average of $50.71 and a 200 day moving average of $53.17. The firm has a market capitalization of $2.71 billion, a PE ratio of 11.32 and a beta of 0.57.
Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.03. The firm had revenue of $701.68 million for the quarter, compared to analyst estimates of $702.29 million. Spirit Airlines had a net margin of 9.62% and a return on equity of 17.96%. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.11 EPS. On average, equities analysts predict that Spirit Airlines will post $3.61 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of SAVE. BlackRock Inc. boosted its position in shares of Spirit Airlines by 7,002.6% in the first quarter. BlackRock Inc. now owns 2,691,469 shares of the transportation company’s stock valued at $142,838,000 after buying an additional 2,653,575 shares during the period. Strs Ohio purchased a new position in shares of Spirit Airlines during the first quarter valued at about $46,436,000. Wells Fargo & Company MN boosted its position in shares of Spirit Airlines by 24.3% in the first quarter. Wells Fargo & Company MN now owns 3,093,057 shares of the transportation company’s stock valued at $164,148,000 after buying an additional 604,447 shares during the period. Scout Investments Inc. boosted its position in shares of Spirit Airlines by 158.9% in the first quarter. Scout Investments Inc. now owns 926,601 shares of the transportation company’s stock valued at $44,458,000 after buying an additional 568,755 shares during the period. Finally, Hodges Capital Management Inc. purchased a new position in shares of Spirit Airlines during the second quarter valued at about $16,711,000.
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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