UPDATE: Susquehanna Upgrades Spirit Airlines (SAVE) to Positive Ahead of Q1 Earnings
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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)."
Shares of Spirit Airlines closed at $36.25 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesSusquehanna International Group of Companies, Earnings
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