Imperial Capital Raises Price Target on Spirit Airlines (SAVE); Cuts 4Q Estimates
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Imperial Capital reiterated an Outperform rating on Spirit Airlines (NASDAQ: SAVE), and raised the price target to $58.00 (from $51.00), following the company's 3Q earnings report. Imperial raised FY16 EPS estimates to $3.98 from $3.89 on better-than-expected 3Q16 earnings of $1.24 versus $1.08 estimate. 4Q16 EPS estimates were cut to $0.64 from $0.70 on higher fuel prices and $6.5mn pre-tax profit impact from Hurricane Matthew offsetting better than expected RASM.
Analyst Michael Derchin commented, "We are maintaining our Outperform rating and raising our estimates and one-year price target on SAVE shares to $58 from $51 on higher valuations due to improving unit revenue trends. Management is proving to be flexible and nimble in adjusting the already successful business model, in our opinion, such as implementing $5 surcharges per one-way trip during peak demand periods. Our price target is about 24% above the recent share price."
Shares of Spirit Airlines closed at $48.66 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Imperial Capital
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