Morgan Stanley Lowers Spirit Airlines, Inc. (SAVE) Price Target to $46.00
Spirit Airlines, Inc. (NASDAQ:SAVE) had its price target dropped by research analysts at Morgan Stanley from $54.00 to $46.00 in a research note issued on Thursday. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price target points to a potential upside of 20.17% from the stock’s current price.
Several other research analysts have also recently weighed in on SAVE. TheStreet cut Spirit Airlines from a “b-” rating to a “c+” rating in a research report on Monday, August 7th. Barclays PLC cut their price objective on Spirit Airlines from $67.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday. J P Morgan Chase & Co raised Spirit Airlines from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $56.00 to $45.00 in a research report on Tuesday, August 1st. Zacks Investment Research raised Spirit Airlines from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Finally, Citigroup Inc. raised Spirit Airlines from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $65.00 to $52.00 in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $52.71.
Shares of Spirit Airlines (SAVE) traded down 3.84% during midday trading on Thursday, hitting $36.81. The stock had a trading volume of 1,741,586 shares. Spirit Airlines has a 52 week low of $36.51 and a 52 week high of $60.40. The firm has a market cap of $2.55 billion, a P/E ratio of 10.67 and a beta of 0.57. The company’s 50 day moving average is $46.15 and its 200 day moving average is $51.84.
Spirit Airlines (NASDAQ:SAVE) last announced its earnings results on Thursday, July 27th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.03. The company had revenue of $701.68 million for the quarter, compared to analysts’ expectations of $702.29 million. Spirit Airlines had a return on equity of 17.96% and a net margin of 9.62%. Spirit Airlines’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 earnings per share. 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 large investors have recently modified their holdings of the stock. Heartland Advisors Inc. bought a new stake in shares of Spirit Airlines during the first quarter valued at $4,374,000. Jennison Associates LLC boosted its stake in shares of Spirit Airlines by 9.6% in the first quarter. Jennison Associates LLC now owns 2,648,627 shares of the transportation company’s stock valued at $140,563,000 after buying an additional 231,088 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Spirit Airlines by 58.4% in the first quarter. Canada Pension Plan Investment Board now owns 44,200 shares of the transportation company’s stock valued at $2,346,000 after buying an additional 16,300 shares in the last quarter. Wells Fargo & Company MN boosted its stake 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 in the last quarter. Finally, Emerald Advisers Inc. PA boosted 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. Institutional investors own 98.47% of the company’s stock.
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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