Barclays Maintains an 'Overweight' on Spirit Airlines (SAVE); Buying on Weakness

June 12, 2012 5:04 PM EDT
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Price: $38.40 +4.43%

Rating Summary:
    12 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 19 | Down: 15 | New: 31
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Barclays maintains an 'Overweight' on Spirit Airlines (NASDAQ: SAVE) price target of $32.00.

Analyst, David E. Fitzen, said, "Yesterday SAVE released its updated 2Q guidance. While the increase in ex-fuel CASM range was read as a disappointment, we'd be buyers of the stock following yesterday's weakness for three reasons: (1) The CASM increase was expected and appears to be one-time in nature; (2) our view that the company can generate industry leading margins while taking advantage of ample growth opportunities remains intact, and (3) SAVE could be a defensive name that can outperform on a relative basis if our near term caution about the fuel/revenue offset plays out."

FY12 EPS estimates from $2.05 to $2.00 and FY13 maintained at $2.60.

For an analyst ratings summary and ratings history on Spirit Airlines click here. For more ratings news on Spirit Airlines click here.

Shares of Spirit Airlines closed at $17.94 yesterday.

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