Stephens Reaffirms Overweight Rating for Spirit Airlines (SAVE)

Spirit Airlines (NASDAQ:SAVE)‘s stock had its “overweight” rating restated by research analysts at Stephens in a research report issued on Wednesday, The Fly reports. They presently have a $78.00 price target on the transportation company’s stock, up from their previous price target of $74.00. Stephens’ price target points to a potential upside of 24.38% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Buckingham Research set a $56.00 target price on Spirit Airlines and gave the stock a “buy” rating in a report on Wednesday, October 10th. Imperial Capital boosted their target price on Spirit Airlines from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, October 11th. Zacks Investment Research upgraded Spirit Airlines from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, October 29th. Deutsche Bank lifted their price target on shares of Spirit Airlines from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. Finally, Credit Suisse Group raised shares of Spirit Airlines to a “buy” rating and set a $77.00 price target on the stock in a research report on Friday, December 14th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Spirit Airlines currently has a consensus rating of “Buy” and an average target price of $68.00.

Shares of Spirit Airlines stock opened at $62.71 on Wednesday. Spirit Airlines has a 1-year low of $34.36 and a 1-year high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last issued its earnings results on Tuesday, February 5th. The transportation company reported $1.38 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.38. The company had revenue of $862.80 million for the quarter, compared to analyst estimates of $861.65 million. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.73 earnings per share.

In other news, Director Robert D. Johnson sold 750 shares of Spirit Airlines stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $64.65, for a total transaction of $48,487.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO John A. Bendoraitis sold 2,000 shares of Spirit Airlines stock in a transaction that occurred on Thursday, December 13th. The shares were sold at an average price of $61.11, for a total transaction of $122,220.00. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its position in Spirit Airlines by 12.0% in the second quarter. FMR LLC now owns 10,236,765 shares of the transportation company’s stock valued at $372,107,000 after purchasing an additional 1,100,206 shares during the period. Vanguard Group Inc. raised its position in Spirit Airlines by 1.7% in the third quarter. Vanguard Group Inc. now owns 5,933,398 shares of the transportation company’s stock valued at $278,692,000 after purchasing an additional 99,240 shares during the period. Vanguard Group Inc raised its position in Spirit Airlines by 1.7% in the third quarter. Vanguard Group Inc now owns 5,933,398 shares of the transportation company’s stock valued at $278,692,000 after purchasing an additional 99,240 shares during the period. BlackRock Inc. raised its position in Spirit Airlines by 1.1% in the third quarter. BlackRock Inc. now owns 4,517,946 shares of the transportation company’s stock valued at $212,207,000 after purchasing an additional 49,862 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Spirit Airlines by 8.1% in the third quarter. Dimensional Fund Advisors LP now owns 4,227,386 shares of the transportation company’s stock valued at $198,562,000 after purchasing an additional 318,549 shares during the period.

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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