Spirit Airlines (SAVE) PT Lowered to $48 at Imperial Capital
Imperial Capital lowered its price target on Spirit Airlines (NASDAQ: SAVE) to $48.00 (from $52.00) while maintaining a Outperform rating following the company's 1Q earnings report.
Management lowered 2Q18 EPS estimates to $0.88 from $1.09, FY18 EPS estimates to $2.75 from $3.30, and FY19 EPS estimates to $3.75 from $4.20. 2Q18 EPS estimate assumes capacity increases 29% vs. 28% previously, TRASM declines 8% vs. 3.5% previously, CASM ex-fuel declines 7.5% vs. 6.5% previously, and jet fuel averages $2.23 per gallon vs. $2.15 previously.