Why Imperial Capital Gives Spirit Airlines (NASDAQ:SAVE) $51 Price Target
Stock research analysts at Imperial Capital has begun coverage on shares of Spirit Airlines (NASDAQ:SAVE) in a a note released on Thursday morning. The company set a “Outperform” rating on the stock. Imperial Capital’s target price per share of $51 suggests potential of 21.78% from the stock’s stock close price.
Out of 9 analysts covering Spirit Airlines Inc (NASDAQ:SAVE), 6 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 67% are positive. $64 is the highest target while $39 is the lowest. The $55.63 average target is 32.83% above today’s ($41.88) stock price. Spirit Airlines Inc has been the topic of 21 analyst reports since October 16, 2015 according to StockzIntelligence Inc. Raymond James upgraded the stock on August 4 to “Strong Buy” rating. Cowen & Co maintained it with “Outperform” rating and $55 target price in a December 8 report. Credit Suisse upgraded the shares of SAVE in a report on June 20 to “Outperform” rating. Barclays Capital maintained the firm’s rating on November 24. Barclays Capital has “Overweight” rating and $54 price target. Lastly, Stifel Nicolaus upgraded the stock to “Buy” rating in a December 22 report.
The stock decreased 0.17% or $0.07 during the last trading session, hitting $41.88. Spirit Airlines Incorporated (NASDAQ:SAVE) has declined 11.83% since February 25, 2016 and is downtrending. It has underperformed by 23.09% the S&P500.
Analysts await Spirit Airlines Incorporated (NASDAQ:SAVE) to report earnings on October, 25. They expect $1.07 EPS, down 20.74% or $0.28 from last year’s $1.35 per share. SAVE’s profit will be $76.39M for 9.79 P/E if the $1.07 EPS becomes a reality. After $1.11 actual EPS reported by Spirit Airlines Incorporated for the previous quarter, Wall Street now forecasts -3.60% negative EPS growth.
Insitutional Activity: The institutional sentiment decreased to 0.87 in Q2 2016. Its down 0.35, from 1.22 in 2016Q1. The ratio is negative, as 45 funds sold all Spirit Airlines Incorporated shares owned while 82 reduced positions. 35 funds bought stakes while 76 increased positions. They now own 67.97 million shares or 1.84% more from 66.74 million shares in 2016Q1.
Teewinot Capital Advisers L.L.C. holds 6.21% of its portfolio in Spirit Airlines Incorporated for 169,187 shares. Muhlenkamp & Co Inc owns 192,555 shares or 3.37% of their US portfolio. Moreover, Rockshelter Capital Management Llc has 3.15% invested in the company for 204,250 shares. The New York-based New Amsterdam Partners Llc Ny has invested 2.57% in the stock. Wasatch Advisors Inc, a Utah-based fund reported 3.14 million shares.
Spirit Airlines, Inc. is an airline company. The company has a market cap of $2.99 billion. The Company’s all-Airbus fleet operates more than 385 daily flights to 56 destinations in the United States, Caribbean and Latin America. It has a 9.78 P/E ratio. The Company’s ultra-low-cost carrier business model provides low, unbundled base fares that remove components traditionally included in the price of an airline ticket.
According to Zacks Investment Research, “Spirit Airlines Inc. operates an airline based in Fort Lauderdale providing travel opportunity principally to and from South Florida, the Caribbean and Latin America. Spirit Airlines Inc. is based in Miramar, Florida.”
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