Spirit Airlines downgraded on regulatory process at Deutsche Bank

Deutsche Bank analyst Mike Linenberg downgraded Spirit Airlines (SAVE) to Hold from Buy with a price target of $24, down from $27. The analyst believes the shares will be range-bound pending a better sense of how the regulatory process plays out. On December 12, Spirit and JetBlue (JBLU) certified substantial compliance with the Department of Justice’s second information request, Linenberg points out. While he thinks the merger ultimately gets done, the analyst believes it is likely to be contested by the regulators, which will likely weigh on Spirit’s share price.