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SAVE

Spirit Airlines

$58.30

0.82 (1.43%)

08:36
04/25/19
04/25
08:36
04/25/19
08:36

Spirit Airlines sees Q2 TRASM up approximately 5% y/y

For the second quarter 2019, Spirit said in an investor update that it estimates its total revenue per available seat mile, or TRASM, will be up approximately 5% year over year which includes approximately 50 basis points of negative impact from the Easter storm. During the summer of 2019, the Ft. Lauderdale airport will be doing construction on the North runway, limiting the flight throughput per hour. Following the company's review of the airport's operational plan, the Company decided to boost its number of crew members and effective aircraft spares at Ft. Lauderdale airport during this construction, adding approximately 100 basis points to the CASM ex-fuel year over year percentage change for the second quarter 2019. Separately, a severe storm system impacted a large majority of flights to/from Florida on April 19, 2019. As a result, Spirit canceled 318 flights over the Easter weekend and incurred costs of about $6M for passenger re accommodation and disrupted crew expenses. The additional expense and loss of ASMs related to this storm adds approximately 150 basis points to the CASM exfuel year over year percentage change for the second quarter 2019. Spirit now estimates its cost per available seat mile excluding fuel for the second quarter 2019 will be about 5.41 cents, up approximately 4.6% year over year. The company estimates its full year 2019 CASM ex-fuel will be up between 2%-3% year over year which includes 50 basis points related to carrying the extra crew during the Ft. Lauderdale runway construction and 50 basis points related to the Easter storm.

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SAVE Spirit Airlines
$58.30

0.82 (1.43%)

03/28/19
IMPC
03/28/19
NO CHANGE
Target $83
IMPC
Outperform
Spirit Airlines price target lowered to $83 from $92 at Imperial Capital
Imperial Capital analyst Michael Derchin lowered his price target for Spirit Airlines to $83 from $92 to reflect reflect higher fuel prices and conservatism on fiscal 2020 unit revenues. The analyst, however, says Spirit remains his top pick with an Outperform rating. Current share valuations are attractive due to moderate capacity growth, greater yield management capabilities, ancillary revenue growth with key initiatives in the pipeline, cost controls, and "significantly improved" operational reliability resulting in top-tier margins, Derchin tells investors in a research note.
04/02/19
SPHN
04/02/19
NO CHANGE
Target $63
SPHN
Overweight
Airlines needed some good news, and Delta delivered, says Stephens
With investor sentiment on the airline space negative, the group was in need of some good news and Delta Air Lines delivered a positive surprise this morning, Stephens analyst Jack Atkins tells investors in a research note. The airline pointed Q1 RASM growth to the upper-end of its initial guidance range, lowered its Q1 CASM excluding fuel expectation and raised its Q1 earnings guidance range, says the analyst. Atkins finds it encouraging that Delta noted underlying passenger demand remains solid and that the business market led the way during the quarter. Further, the company announced an extension of its credit card partnership with American Express (AXP), which is expected to double the revenue contribution to $7B by 2023 versus 2018 levels, he notes. Atkins reiterates an Overweight rating on Delta with a $63 price target. The stock in midday trading is up 7% to $55.64. Other names in the airline space include Alaska Air (ALK), American Airlines (AAL), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE) and United Continental (UAL).
04/25/19
BOFA
04/25/19
DOWNGRADE
BOFA
Neutral
Spirit Airlines downgraded to Neutral from Buy at BofA/Merrill
04/25/19
BOFA
04/25/19
DOWNGRADE
BOFA
Neutral
Spirit Airlines downgraded to Neutral from Buy at BofA/Merrill
As previously reported, BofA/Merrill downgraded Spirit Airlines to Neutral from Buy and cut its price target to $61 from $71 following the Q1 revenue miss and Q2 guidance below forecasts. Analyst Andrew Didora said industry pricing has not improved and sees some cost pressures that limit upside potential.

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