Citi lowered the firm’s price target on Spirit Airlines (SAVE) to $16.50 from $16.90 and keeps a Neutral rating on the shares. It is difficult to rule out the possibility that JetBlue (JBLU) eventually acquires Spirit Airlines, but it is s also difficult to assume with certainty that this merger will go through, considering Spirit Airlines’ fundamental deterioration over the past year, the analyst tells investors in a research note. The firm says making further concessions would seem to increase the risk that JetBlue materially overpays for the acquisition.
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