
The merger deal between Spirit Airlines Incorporated (NYSE:SAVE) and Frontier Group Holdings Inc (NASDAQ:ULCC) represents an enterprise value of $6.6 billion and is in line with the long-term historical multiple of Spirit Airlines, according to BofA Securities.
The Spirit-Frontier Analyst: Andrew Didora maintained a Buy rating for Frontier Airlines, with a price target of $18. Analyst Didora removed the rating for Spirit Airlines, saying the stock “is no longer trading on fundamentals.”