Frontier Group price target lowered to $16 from $19 at Citi

Citi lowered the firm’s price target on Frontier Group to $16 from $19 and keeps a Buy rating on the shares. The firm says its previous expectations for more significant second half of 2023 seat mile cost dilution were wrong. Although industry participants expect a Q4 demand bounce, it seems too early to say that the market can sustain early strength in Q4’s booking curves, the analyst tells investors in a research note. The firm thinks Frontier shares “now look too deeply discounted to warrant a pivot in Citi’s recommendation.”