Spirit Airlines (SAVE) PT Lowered to $33 at Stifel
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Stifel analyst Joseph W. DeNardi lowered the price target on Spirit Airlines (NYSE: SAVE) to $33.00 (from $35.00) while maintaining a Hold rating.
The analyst commented, "Spirit reported adjusted 2Q21 EPS of ($0.34), ahead of our ($1.02) estimate on stronger revenue (2/3 of beat) and lower costs (1/3 of beat). 2Q21 sales declined 15% y/2y vs. our prior estimate of -22% while Spirit's adjusted EBITDA margin came in at 7.2% vs. the company's 6/14 guidance of "modestly positive." Spirit's outlook for 3Q21 was ahead of our prior estimates with adjusted EBITDA margin guidance of 10%-15% (vs. our estimate of 8%) with the variance primarily due to stronger implied revenue as fuel and cost guidance was roughly inline with our prior estimate. Spirit's non-ticket revenue per pax segment increased 5% y/2y in 2Q21 (vs. down 7% y/2y in 1Q21) while base fare declined 23% y/2y (vs. -40% in 1Q21). 2Q21 CASMx was +18% y/2y with implied 3Q21 CASMx +10% y/2y. We may further update estimates following Spirit's earnings call at 10a ET."
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