Spirit Airlines (SAVE) Received its Third Buy in a Row
After Imperial Capital and Macquarie gave Spirit Airlines (NASDAQ: SAVE) a Buy rating last month, the company received another Buy, this time from Buckingham. Analyst Daniel Mckenzie maintained a Buy rating on Spirit Airlines today and set a price target of $53. The company’s shares closed yesterday at $43.83.
According to TipRanks.com, Mckenzie is a 4-star analyst with an average return of 6.4% and a 60.9% success rate. Mckenzie covers the Services sector, focusing on stocks such as Allegiant Travel Company, Southwest Airlines, and United Continental.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Spirit Airlines with a $57.40 average price target, representing a 31.0% upside. In a report issued on September 27, Imperial Capital also maintained a Buy rating on the stock with a $69 price target.
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Based on Spirit Airlines’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $11.25 million. In comparison, last year the company had a net profit of $60.19 million.
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock.
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Spirit Airlines, Inc. is an airline that offers affordable travel to price-conscious customers. The company’s customers start with an unbundled, stripped-down Bare Fare and get Frill Control which allows them to pay only for the options they choose like bags, seat assignments and refreshments the things other airlines bake right into their ticket prices.