Spirit Airlines price target lowered to $3 from $3.50 at Evercore ISI

Evercore ISI analyst Duane Pfennigwerth lowered the firm’s price target on Spirit Airlines to $3 from $3.50 and keeps an In Line rating on the shares. The company’s June-end quarter revenue and margin outlook was weaker than the firm’s prior modeling and Evercore is moderating its FY24 and FY25 loss per share views to ($4.55) and ($2.20), respectively. In terms of outlook, “the most interesting thing we learned” was the company’s expectation for a high single digit decline in capacity in FY25, the analyst added.