Spirit Airlines Stock Has 18% Downside, According to 1 Wall Street Analyst
While analysts at Susquehanna are optimistic about some of the larger airlines, they're not jazzed about struggling budget airline Spirit Airlines (NYSE: SAVE). Susquehanna maintained its negative rating on the stock on Tuesday while dropping its price target from $5 to $4. The new price target represents a potential downside of nearly 18% over the next 12 months from the current price.
Susquehanna's channel checks revealed that demand for travel in the spring and summer is shaping up to be strong, but industrywide concerns remain. Susquehanna's analysts are worried about capacity issues related to aircraft delivery delays and quality control.
Spirit notably doesn't fly any planes, instead opting for an all-Airbus fleet. While this insulates the budget airline from the ongoing problems with Boeing's latest Max planes, the company still faces engine availability issues that have resulted in the grounding of some planes.
Source Fool.com
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