What Wall Street Analysts Recommend for Spirit Airlines
As of September 21, 30.8% (four analysts) out of the 13 analysts tracking Spirit Airlines (SAVE) had a “strong buy” recommendation. Another 15.4% (two analysts) had a “buy” recommendation while the remaining 53.8% (seven analysts) had a “hold” rating on the stock. None of the analysts had a “sell” rating or a “strong sell” rating on the stock.
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We saw four analyst downgrades after Spirit Airlines’ guidance cut. Peers Delta Air Lines (DAL), United Continental (UAL), JetBlue Airways (JBLU), and Southwest Airlines (LUV) also reduced their third-quarter guidance.
J.P. Morgan reduced its target price from $45 to $37. It also cut the rating to “neutral” from “overweight.” Barclays reduced its target price from $50 to $40. Imperial Capital reduced its target price from $42 to $32 and maintained its “in-line” rating. Deutsche Bank reduced its target price from $54 to $42.
Spirit Airlines has a 12-month consensus target price of $41.2, which is lower than the $66.2 target price the stock had after its 2Q17 earnings report. The highest target price is $55, and the lowest target price is $31. At the current target price, the stock has a return potential of 21.2% from September 21’s closing price of $34.0.
Investors can gain exposure to Spirit Airlines by investing in the First Trust Nasdaq Transportation ETF (FTXR), which invests 1.2% of its portfolio in SAVE.