Spirit Airlines (NASDAQ:SAVE) Price Target Cut to $41.00 by Analysts at Morgan Stanley

Spirit Airlines (NASDAQ:SAVE) had its price objective decreased by Morgan Stanley from $56.00 to $41.00 in a report issued on Wednesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the transportation company’s stock.

A number of other research firms also recently weighed in on SAVE. Imperial Capital lowered their price target on Spirit Airlines from $78.00 to $64.00 and set an outperform rating on the stock in a research report on Tuesday, July 30th. Deutsche Bank downgraded Spirit Airlines from a buy rating to a hold rating and lowered their price target for the company from $79.00 to $55.00 in a research report on Thursday, July 25th. Raymond James set a $65.00 price target on Spirit Airlines and gave the company a buy rating in a research report on Friday, July 26th. Macquarie downgraded Spirit Airlines from an outperform rating to a neutral rating and lowered their price target for the company from $71.00 to $47.00 in a research report on Monday, July 29th. Finally, Citigroup set a $67.00 price target on Spirit Airlines and gave the company a buy rating in a research report on Friday, July 26th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $61.00.

NASDAQ SAVE opened at $38.40 on Wednesday. The stock’s 50-day simple moving average is $46.32 and its two-hundred day simple moving average is $51.67. Spirit Airlines has a twelve month low of $37.11 and a twelve month high of $65.35.

Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.05. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business earned $1.11 EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis.

In other news, Director Robert D. Johnson sold 750 shares of Spirit Airlines stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $45.97, for a total value of $34,477.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Edward M. Christie III acquired 2,375 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was bought at an average price of $41.93 per share, for a total transaction of $99,583.75. The disclosure for this purchase can be found here. In the last quarter, insiders bought 5,051 shares of company stock worth $211,885. Company insiders own 0.33% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SAVE. Dimensional Fund Advisors LP increased its holdings in shares of Spirit Airlines by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock worth $251,464,000 after buying an additional 114,209 shares during the period. Principal Financial Group Inc. grew its stake in shares of Spirit Airlines by 716.4% in the fourth quarter. Principal Financial Group Inc. now owns 52,413 shares of the transportation company’s stock worth $3,035,000 after purchasing an additional 45,993 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Spirit Airlines by 18.0% in the fourth quarter. Legal & General Group Plc now owns 15,256 shares of the transportation company’s stock worth $884,000 after purchasing an additional 2,325 shares during the last quarter. Norges Bank bought a new stake in shares of Spirit Airlines in the fourth quarter worth about $15,630,000. Finally, Geode Capital Management LLC grew its stake in shares of Spirit Airlines by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 748,803 shares of the transportation company’s stock worth $43,370,000 after purchasing an additional 53,696 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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Analyst Recommendations for Spirit Airlines (NASDAQ:SAVE)

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