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Fly News Breaks for September 3, 2019
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Sep 3, 2019 | 09:27 EDT
As previously reported, Raymond James analyst Savanthi Syth downgraded Spirit Airlines to Outperform from Strong Buy with a price target of $60, down from $65, as the analyst now expects a delay in the inflection of sentiment to early 2020. Challenging summer weather continued through August and "stubbornly low" fuel prices are unlikely to drive a firming of industry pricing as Syth previously anticipated, the analyst noted in the downgrade. Syth remains positive on Spirit's business model and points to recent insider buying as a sign of management's conviction.