Spirit Airlines Incorporated (NASDAQ:SAVE) Raised to “Hold” at Zacks Investment Research
Spirit Airlines Incorporated (NASDAQ:SAVE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Spirit Airlines reported better than expected earnings in the second quarter of 2017. Moreover, earnings improved 2.7% year over year. Revenues improved 20.1% during the quarter. The carrier's efforts to modernize its fleet raise optimism. During the second quarter, the carrier took delivery of three new A320ceo aircraft and one new A321ceo aircraft. The company’s efforts to reward stockholders through share buybacks are also impressive. However, the carrier reported lower than expected revenues during second-quarter 2017. Due to the pilot related dispute the carrier had to cancel multiple flights resulting in customer dissatisfaction. The costs associated with the flight cancellations hurt its second quarter results. Moreover, the company issued a lackluster unit revenue guidance for the third quarter. Owing to the headwinds, shares of the company have underperformed its industry over the last one month.”
Several other research analysts have also recently issued reports on SAVE. Deutsche Bank AG increased their price objective on Spirit Airlines from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, April 14th. Cowen and Company increased their price objective on Spirit Airlines from $58.00 to $62.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 18th. Imperial Capital reissued an “outperform” rating and issued a $70.00 price objective (up previously from $68.00) on shares of Spirit Airlines in a research note on Thursday, April 20th. Citigroup Inc. reissued a “neutral” rating and issued a $60.00 price objective (up previously from $58.00) on shares of Spirit Airlines in a research note on Saturday, April 22nd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price objective on shares of Spirit Airlines in a research note on Saturday, April 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $54.96.
Spirit Airlines (NASDAQ SAVE) traded down 0.87% on Monday, hitting $38.71. The stock had a trading volume of 653,632 shares. Spirit Airlines has a 1-year low of $37.17 and a 1-year high of $60.40. The stock’s 50-day moving average is $50.71 and its 200 day moving average is $53.17. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 11.22 and a beta of 0.57.
Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings data on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.03. Spirit Airlines had a return on equity of 21.35% and a net margin of 11.14%. The company had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. During the same quarter in the prior year, the firm earned $1.11 earnings per share. Spirit Airlines’s revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts predict that Spirit Airlines will post $3.61 earnings per share for the current fiscal year.
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Hedge funds have recently modified their holdings of the stock. Emerald Advisers Inc. PA raised its stake in shares of Spirit Airlines by 7.2% in the first quarter. Emerald Advisers Inc. PA now owns 613,860 shares of the transportation company’s stock valued at $32,578,000 after buying an additional 41,488 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in shares of Spirit Airlines by 0.6% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 454,951 shares of the transportation company’s stock valued at $24,144,000 after buying an additional 2,504 shares in the last quarter. NJ State Employees Deferred Compensation Plan acquired a new stake in shares of Spirit Airlines during the first quarter valued at approximately $371,000. State of New Jersey Common Pension Fund D raised its stake in shares of Spirit Airlines by 4,300.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 220,000 shares of the transportation company’s stock valued at $11,675,000 after buying an additional 215,000 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Spirit Airlines during the first quarter valued at approximately $46,436,000.
Spirit Airlines Company Profile
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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