Imperial Capital Raises Spirit Airlines (SAVE) Price Target to $72.00

Spirit Airlines (NASDAQ:SAVE) had its target price raised by equities researchers at Imperial Capital from $69.00 to $72.00 in a research note issued on Thursday, The Fly reports. The firm currently has an “outperform” rating on the transportation company’s stock. Imperial Capital’s price target would indicate a potential upside of 52.96% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Zacks Investment Research raised Spirit Airlines from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Tuesday, September 11th. BidaskClub lowered Spirit Airlines from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 25th. Buckingham Research set a $61.00 target price on Spirit Airlines and gave the stock a “buy” rating in a research note on Thursday, August 30th. Citigroup upped their target price on Spirit Airlines from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, July 12th. Finally, Macquarie set a $56.00 target price on Spirit Airlines and gave the stock a “buy” rating in a research note on Monday, October 8th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Spirit Airlines has an average rating of “Buy” and a consensus price target of $52.62.

Shares of NASDAQ SAVE opened at $47.07 on Thursday. Spirit Airlines has a 12 month low of $32.99 and a 12 month high of $49.63. 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 (NASDAQ:SAVE) last issued its quarterly earnings data on Wednesday, July 25th. The transportation company reported $1.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.02. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. The company had revenue of $851.80 million during the quarter, compared to analyst estimates of $851.83 million. During the same quarter in the previous year, the firm earned $1.14 earnings per share. Spirit Airlines’s revenue was up 21.4% on a year-over-year basis. As a group, equities research analysts expect that Spirit Airlines will post 3.08 EPS for the current fiscal year.

In other Spirit Airlines news, SVP Rocky Wiggins sold 566 shares of the company’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $47.89, for a total value of $27,105.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert D. Johnson sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $47.53, for a total value of $35,647.50. The disclosure for this sale can be found here. 0.33% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd lifted its position in Spirit Airlines by 147.4% in the second quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock valued at $106,000 after purchasing an additional 1,730 shares during the last quarter. Kempen Capital Management N.V. lifted its position in Spirit Airlines by 0.8% in the first quarter. Kempen Capital Management N.V. now owns 225,041 shares of the transportation company’s stock valued at $8,502,000 after purchasing an additional 1,869 shares during the last quarter. SG Americas Securities LLC lifted its position in Spirit Airlines by 46.2% in the second quarter. SG Americas Securities LLC now owns 6,653 shares of the transportation company’s stock valued at $242,000 after purchasing an additional 2,101 shares during the last quarter. Sei Investments Co. lifted its position in Spirit Airlines by 127.9% in the second quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock valued at $143,000 after purchasing an additional 2,208 shares during the last quarter. Finally, Alps Advisors Inc. lifted its position in Spirit Airlines by 26.5% in the second quarter. Alps Advisors Inc. now owns 13,488 shares of the transportation company’s stock valued at $605,000 after purchasing an additional 2,825 shares during the last quarter.

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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