Spirit Airlines Inc. (SAVE) Raised to Strong-Buy at Vetr Inc.
Spirit Airlines Inc. (NASDAQ:SAVE) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Tuesday. The firm presently has a $51.50 target price on the stock. Vetr‘s price target suggests a potential upside of 13.94% from the company’s current price.
SAVE has been the subject of a number of other research reports. Citigroup Inc. lowered their price objective on shares of Spirit Airlines from $56.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, August 8th. Credit Suisse Group AG reaffirmed an “outperform” rating on shares of Spirit Airlines in a research report on Wednesday, July 6th. Wolfe Research downgraded shares of Spirit Airlines from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd. Imperial Capital assumed coverage on shares of Spirit Airlines in a research report on Thursday, September 29th. They set an “outperform” rating and a $51.00 price objective for the company. Finally, Zacks Investment Research raised shares of Spirit Airlines from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 17th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $59.10.
Spirit Airlines (NASDAQ:SAVE) traded up 3.15% during midday trading on Tuesday, hitting $45.20. 3,058,087 shares of the stock were exchanged. The firm’s 50-day moving average is $40.85 and its 200 day moving average is $42.97. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 10.55 and a beta of 1.18. Spirit Airlines has a 52 week low of $32.73 and a 52 week high of $53.53.
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Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Friday, July 29th. The company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.03. The business had revenue of $584.10 million for the quarter, compared to analyst estimates of $594.47 million. Spirit Airlines had a net margin of 13.83% and a return on equity of 25.93%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.03 EPS. Equities research analysts expect that Spirit Airlines will post $3.91 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Independent Portfolio Consultants Inc. raised its stake in Spirit Airlines by 5.2% in the third quarter. Independent Portfolio Consultants Inc. now owns 3,511 shares of the company’s stock valued at $149,000 after buying an additional 175 shares in the last quarter. Legal & General Group Plc raised its stake in Spirit Airlines by 9.5% in the second quarter. Legal & General Group Plc now owns 2,468 shares of the company’s stock valued at $111,000 after buying an additional 215 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Spirit Airlines by 2.7% in the second quarter. PNC Financial Services Group Inc. now owns 8,222 shares of the company’s stock valued at $369,000 after buying an additional 219 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Spirit Airlines by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 2,515 shares of the company’s stock valued at $113,000 after buying an additional 302 shares in the last quarter. Finally, Alexandria Capital LLC raised its stake in Spirit Airlines by 0.4% in the second quarter. Alexandria Capital LLC now owns 113,133 shares of the company’s stock valued at $5,076,000 after buying an additional 461 shares in the last quarter. 98.15% of the stock is owned by institutional investors and hedge funds.
Spirit Airlines Company Profile
Spirit Airlines, Inc is an airline company. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. Its ultra-low-cost carrier (ULCC) business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.
To view Vetr’s full report, visit Vetr’s official website.
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