Citi analyst Stephen Trent lowered the firm’s price target on Spirit Airlines to $2.75 from $3.50 and keeps a Sell rating on the shares. The company’s cash burn and Q1 net debt position of $6.3B “would seem to make for some challenging navigation,” the analyst tells investors in a research note. The firm incorporated lower revenue per available seat mile, slightly lower expected jet fuel expense and weaker expected fixed cost coverage into its model.
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