BofA lowered the firm’s price target on Spirit Airlines (SAVE) to $2.75 from $3.25 and keeps an Underperform rating on the shares. After Spirit issued an investor update last night that highlighted an approximate 300 basis point revenue miss compared to the firm’s estimates, BofA said the warning was “not a surprise given the weak domestic revenue environment” discussed in Delta’s (DAL) results last week and the recent negative updates from American (AAL). The firm lowered its Q2 and 2024 EPS forecasts to ($1.84) and ($5.54) from ($1.18) and ($3.16), respectively, as pricing pressures persist.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SAVE:
- Spirit Airlines Plunges on Dismal Outlook
- Spirit Airlines price target lowered to $2.50 from $3 at Susquehanna
- Spirit Airlines price target lowered to $3 from $4 at Barclays
- Domino’s Pizza upgraded, Bumble downgraded: Wall Street’s top analyst calls
- Spirit Airlines downgraded to Sell from Hold at Deutsche Bank