Macquarie Analysts Give Spirit Airlines (NASDAQ:SAVE) a $71.00 Price Target

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Spirit Airlines (NASDAQ:SAVE) received a $71.00 target price from equities research analysts at Macquarie in a note issued to investors on Friday, TipRanks reports. The brokerage presently has a “buy” rating on the transportation company’s stock. Macquarie’s price target indicates a potential upside of 39.74% from the company’s current price.

A number of other equities research analysts also recently weighed in on SAVE. Imperial Capital reiterated an “outperform” rating and set a $78.00 price target (down previously from $83.00) on shares of Spirit Airlines in a research note on Friday, April 26th. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. Goldman Sachs Group upgraded shares of Exelon from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $48.00 to $52.00 in a research note on Thursday, June 6th. Bank of America upgraded shares of Air Products & Chemicals from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $170.00 to $215.00 in a research note on Thursday, April 25th. Finally, Morgan Stanley lifted their price target on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $69.07.

SAVE traded down $1.41 during trading on Friday, reaching $50.81. 1,675,114 shares of the company’s stock were exchanged, compared to its average volume of 1,086,302. Spirit Airlines has a fifty-two week low of $38.94 and a fifty-two week high of $65.35. The firm has a 50 day moving average of $48.91.

Spirit Airlines (NASDAQ:SAVE) last posted its quarterly earnings results on Wednesday, April 24th. The transportation company reported $0.84 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.84. The business had revenue of $855.80 million for the quarter, compared to analyst estimates of $855.77 million. During the same quarter in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 21.5% on a year-over-year basis.

In other news, Director Robert D. Johnson sold 750 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $45.97, for a total value of $34,477.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Laurie Villa sold 3,800 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $53.69, for a total transaction of $204,022.00. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of SAVE. Dimensional Fund Advisors LP raised its holdings in shares of Spirit Airlines by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,341,595 shares of the transportation company’s stock valued at $251,464,000 after buying an additional 114,209 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in shares of Spirit Airlines by 18.6% in the first quarter. OppenheimerFunds Inc. now owns 2,807,700 shares of the transportation company’s stock valued at $148,415,000 after buying an additional 440,339 shares during the last quarter. Scout Investments Inc. raised its holdings in shares of Spirit Airlines by 421.7% in the second quarter. Scout Investments Inc. now owns 901,161 shares of the transportation company’s stock valued at $43,012,000 after buying an additional 728,431 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Spirit Airlines by 48.5% in the fourth quarter. Bank of America Corp DE now owns 890,056 shares of the transportation company’s stock valued at $51,553,000 after buying an additional 290,813 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Spirit Airlines by 1.7% in the fourth quarter. Northern Trust Corp now owns 843,798 shares of the transportation company’s stock valued at $48,873,000 after buying an additional 13,790 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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