Citigroup Raises Spirit Airlines (NASDAQ:SAVE) Price Target to $48.00

Spirit Airlines (NASDAQ:SAVE) had its price target hoisted by Citigroup from $46.00 to $48.00 in a research note released on Thursday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the transportation company’s stock.

Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Spirit Airlines from a hold rating to a sell rating in a research report on Tuesday, January 7th. Morgan Stanley cut their price objective on shares of Spirit Airlines from $38.00 to $37.00 and set an equal weight rating for the company in a research report on Thursday, October 10th. Stephens lowered shares of Spirit Airlines from an overweight rating to an equal rating and cut their price objective for the company from $55.00 to $45.00 in a research report on Monday, September 23rd. Bank of America lowered shares of Spirit Airlines to a sell rating and set a $39.00 price objective for the company. in a research report on Monday, September 23rd. Finally, Cowen reaffirmed an outperform rating and set a $50.00 price objective (up previously from $48.00) on shares of Spirit Airlines in a research report on Monday, December 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $51.13.

SAVE stock traded up $0.28 during mid-day trading on Thursday, reaching $42.93. 1,492,447 shares of the stock traded hands, compared to its average volume of 1,347,202. Spirit Airlines has a 52 week low of $32.97 and a 52 week high of $64.76. The business has a 50-day moving average of $39.88 and a two-hundred day moving average of $40.13.

Spirit Airlines (NASDAQ:SAVE) last released its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.09. The firm had revenue of $991.97 million for the quarter, compared to the consensus estimate of $987.68 million. During the same quarter last year, the company earned $1.47 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis.

In related news, VP Brian J. Mcmenamy sold 6,456 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $39.35, for a total value of $254,043.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Schroder Investment Management Group boosted its holdings in shares of Spirit Airlines by 12.0% during the second quarter. Schroder Investment Management Group now owns 889,438 shares of the transportation company’s stock worth $42,453,000 after purchasing an additional 94,968 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Spirit Airlines by 91.1% during the second quarter. Bank of Montreal Can now owns 11,160 shares of the transportation company’s stock worth $532,000 after purchasing an additional 5,321 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Spirit Airlines during the second quarter worth $769,000. Northern Trust Corp boosted its holdings in shares of Spirit Airlines by 20.2% during the second quarter. Northern Trust Corp now owns 1,023,687 shares of the transportation company’s stock worth $48,860,000 after purchasing an additional 171,739 shares during the last quarter. Finally, United Capital Financial Advisers LLC boosted its holdings in shares of Spirit Airlines by 7.1% during the second quarter. United Capital Financial Advisers LLC now owns 14,479 shares of the transportation company’s stock worth $691,000 after purchasing an additional 962 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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