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Business

Akanksha Bakshi

Raymond James Upgrades Frontier Group - Read Why

Raymond James JetBlue ULCC Savanthi Syth Spirit Airlines Frontier Group Holdings Inc. Nasdaq NYSE United States

Raymond James analyst Savanthi Syth upgraded Frontier Group Holdings Inc (NASDAQ:ULCC) to Outperform from Market Perform while maintaining the same price target of $14 (an upside of 45%).
The analyst states that the revised U.S. airline estimates reflect a stronger near-term revenue trend, stubbornly higher fuel prices, anticipated demand softening, and planned and expected capacity growth moderation.
Related: Raymond James Shakes Up Ratings & Price Targets On Several US Airlines
The analyst upgraded, assuming JetBlue will be successful in its bid for Spirit Airlines, Inc (NYSE:SAVE).
Related: JetBlue Submits Improved Proposal For Spirit Airlines At $33.50/Share
Syth believes ULCC's shares offer a compelling risk-reward and a longer runway of growth opportunities amidst a potential JetBlue-Spirit merger.
Price Action: ULCC shares are trading lower by 1.42% at $9.68 on the last check Thursday.

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