Morgan Stanley Boosts Spirit Airlines (SAVE) Price Target to $68.00

Spirit Airlines (NASDAQ:SAVE) had its price objective lifted by Morgan Stanley from $58.00 to $68.00 in a research note issued on Monday. The brokerage currently has an “equal weight” rating on the transportation company’s stock. Morgan Stanley’s price target would indicate a potential upside of 6.05% from the company’s current price.

A number of other research analysts also recently weighed in on the company. BidaskClub raised Spirit Airlines from a “hold” rating to a “buy” rating in a report on Wednesday, August 15th. Macquarie increased their target price on Spirit Airlines from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 28th. Buckingham Research set a $61.00 target price on Spirit Airlines and gave the company a “buy” rating in a report on Thursday, August 30th. Zacks Investment Research raised Spirit Airlines from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Tuesday, September 11th. Finally, Imperial Capital reissued an “outperform” rating and issued a $69.00 target price (up previously from $61.00) on shares of Spirit Airlines in a report on Thursday, September 27th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $60.13.

NASDAQ SAVE opened at $64.12 on Monday. Spirit Airlines has a 12 month low of $34.36 and a 12 month high of $64.23.

Spirit Airlines (NASDAQ:SAVE) last announced its quarterly earnings results on Wednesday, October 24th. The transportation company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.03. The business had revenue of $904.33 million for the quarter, compared to the consensus estimate of $904.05 million.

In related news, Director Robert D. Johnson sold 750 shares of the stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through this link. Also, SVP Rocky Wiggins sold 4,500 shares of the stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $50.56, for a total value of $227,520.00. The disclosure for this sale can be found here. Insiders have sold 5,816 shares of company stock valued at $290,273 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in Spirit Airlines during the 2nd quarter valued at approximately $105,000. Point72 Hong Kong Ltd grew its holdings in Spirit Airlines by 147.4% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,904 shares of the transportation company’s stock valued at $106,000 after buying an additional 1,730 shares in the last quarter. Sei Investments Co. grew its holdings in Spirit Airlines by 127.9% during the 2nd quarter. Sei Investments Co. now owns 3,934 shares of the transportation company’s stock valued at $143,000 after buying an additional 2,208 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in Spirit Airlines by 286.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,445 shares of the transportation company’s stock valued at $162,000 after buying an additional 3,294 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Spirit Airlines during the 3rd quarter valued at approximately $206,000.

Spirit Airlines Company Profile

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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