UPDATE: Susquehanna Upgrades Spirit Airlines (SAVE) to Positive Ahead of Q1 Earnings

April 13, 2021 5:22 AM EDT
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Price: $33.41 +2.33%

Rating Summary:
    10 Buy, 11 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 9 | New: 37
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(Updated - April 13, 2021 6:41 AM EDT)

Susquehanna analyst Christopher Stathoulopoulos upgraded Spirit Airlines (NYSE: SAVE) from Neutral to Positive with a price target of $50.00 (from $27.00).

The analyst comments "SAVE is the largest ULCC in the U.S., with ~45% of ASM share among its ULCC peers. With Florida, Nevada, Texas, and California making up more than half of its ASMs, SAVE is a primarily a VFR and leisure-focused carrier. Importantly, SAVE is built to be low cost (i.e., doesn’t have to reverse-engineer to get there), with its point-to-point network, high utilization and density model, and homogenous fleet driving an ~25-55% CASM-ex discount to the U.S. legacy and low-cost airlines (prepandemic). Against what’s likely an uneven recovery, we prefer the low-cost model as we believe its operational flexibility and lower direct and indirect costs should support more resilient unit economics (margin/MASM)."

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 $36.25 yesterday.


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