Morgan Stanley Trims Spirit Airlines (NASDAQ:SAVE) Target Price to $42.00

Spirit Airlines (NASDAQ:SAVE) had its target price cut by analysts at Morgan Stanley from $43.00 to $42.00 in a note issued to investors on Wednesday, February 7th. The brokerage presently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 6.49% from the stock’s previous close.

Several other brokerages have also issued reports on SAVE. Macquarie upgraded Spirit Airlines from a “neutral” rating to an “outperform” rating and set a $33.00 price target on the stock in a report on Wednesday, February 7th. Cowen cut their price target on Spirit Airlines from $49.00 to $45.00 and set a “market perform” rating on the stock in a report on Wednesday, February 7th. Imperial Capital restated an “in-line” rating and issued a $42.00 target price (up previously from $36.00) on shares of Spirit Airlines in a report on Thursday, January 18th. Stifel Nicolaus lowered Spirit Airlines from a “buy” rating to a “hold” rating and raised their target price for the company from $45.00 to $50.00 in a report on Monday, January 15th. Finally, Stephens restated a “buy” rating and issued a $61.00 target price on shares of Spirit Airlines in a report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $47.33.

Shares of Spirit Airlines (SAVE) traded up $0.35 during mid-day trading on Wednesday, hitting $39.44. The stock had a trading volume of 192,081 shares, compared to its average volume of 1,552,057. The firm has a market capitalization of $2,710.00, a PE ratio of 6.43, a price-to-earnings-growth ratio of 1.82 and a beta of 0.60. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines has a 12 month low of $30.32 and a 12 month high of $60.28.

Spirit Airlines (NASDAQ:SAVE) last released its earnings results on Tuesday, February 6th. The transportation company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.71 by $0.02. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The business had revenue of $667.00 million during the quarter, compared to analysts’ expectations of $666.12 million. During the same quarter last year, the firm posted $0.77 earnings per share. The firm’s revenue was up 15.3% on a year-over-year basis. equities analysts forecast that Spirit Airlines will post 3.08 earnings per share for the current year.

Spirit Airlines announced that its Board of Directors has approved a share buyback plan on Thursday, October 26th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the transportation company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

In related news, VP John A. Bendoraitis sold 2,340 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $42.92, for a total transaction of $100,432.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.33% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Spirit Airlines by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,160 shares of the transportation company’s stock worth $112,000 after buying an additional 141 shares during the last quarter. Advisor Group Inc. increased its position in Spirit Airlines by 18.8% in the second quarter. Advisor Group Inc. now owns 2,170 shares of the transportation company’s stock worth $113,000 after buying an additional 344 shares during the last quarter. Sentry Investment Management LLC increased its position in Spirit Airlines by 1.7% in the second quarter. Sentry Investment Management LLC now owns 54,044 shares of the transportation company’s stock worth $2,791,000 after buying an additional 888 shares during the last quarter. First Personal Financial Services increased its position in Spirit Airlines by 87.9% in the third quarter. First Personal Financial Services now owns 3,088 shares of the transportation company’s stock worth $103,000 after buying an additional 1,445 shares during the last quarter. Finally, Ironwood Investment Management LLC increased its position in Spirit Airlines by 5.2% in the third quarter. Ironwood Investment Management LLC now owns 37,014 shares of the transportation company’s stock worth $1,237,000 after buying an additional 1,839 shares during the last quarter.

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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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