UPDATE - Barclays Initiates Coverage on Spirit Airlines (SAVE) with an Overweight; Attractive Fares, Margins, Growth Potential

UPDATE - Barclays initiates coverage on Spirit Airlines (Nasdaq: SAVE) with an Overweight rating. PT $18.

Barclays analyst says, "Spirit Airlines offers consumers attractive fares and investors attractive returns and growth potential, in our view. High asset utilization keeps unit costs low, but we believe impressive revenue generation is the key to Spirit's success. The company achieves pre-tax margins second only to Allegiant Travel (Nasdaq: ALGT) within our coverage. At the same time, it boasts diverse route profitability and an exceptional track record for developing new markets. Both of these factors combined with an aircraft order book argue for profitable growth in the years ahead."

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