Spirit Airlines (SAVE) Lowered to “Neutral” at JPMorgan Chase & Co.

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Spirit Airlines (NASDAQ:SAVE) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Tuesday, The Fly reports. They currently have a $59.00 target price on the transportation company’s stock, up from their previous target price of $51.00. JPMorgan Chase & Co.’s price objective indicates a potential upside of 13.27% from the stock’s previous close.

SAVE has been the topic of a number of other reports. Buckingham Research set a $61.00 price target on Spirit Airlines and gave the stock a “buy” rating in a research note on Thursday, August 30th. Imperial Capital lifted their price target on Spirit Airlines from $72.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday. BidaskClub raised Spirit Airlines from a “hold” rating to a “buy” rating in a research note on Tuesday, October 16th. Citigroup lifted their price target 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, Zacks Investment Research cut Spirit Airlines from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $57.50.

Shares of Spirit Airlines stock opened at $52.09 on Tuesday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 0.77. Spirit Airlines has a one year low of $34.08 and a one year high of $53.72.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Wednesday, October 24th. The transportation company reported $1.47 EPS for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.03. The business had revenue of $904.33 million for the quarter, compared to analysts’ expectations of $904.05 million. Spirit Airlines had a return on equity of 15.86% and a net margin of 8.55%. Analysts anticipate that Spirit Airlines will post 3.08 earnings per share for the current fiscal year.

In other news, Director Robert D. Johnson sold 750 shares of the business’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 transaction of $35,647.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Rocky Wiggins sold 566 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $47.89, for a total value of $27,105.74. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of SAVE. Strs Ohio bought a new stake in shares of Spirit Airlines during the second quarter valued at approximately $105,000. Point72 Hong Kong Ltd boosted its position in shares of Spirit Airlines by 147.4% during 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 in the last quarter. Sei Investments Co. boosted its position in shares of Spirit Airlines by 127.9% during 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 in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Spirit Airlines by 286.2% during the second quarter. BNP Paribas Arbitrage SA now owns 4,445 shares of the transportation company’s stock valued at $162,000 after purchasing an additional 3,294 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new stake in shares of Spirit Airlines during the second quarter valued at approximately $211,000.

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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