Spirit Airlines price target lowered to $3 from $4 at TD Cowen

TD Cowen lowered the firm’s price target on Spirit Airlines to $3 from $4 and keeps a Hold rating on the shares. The firm said they reported a 1Q24 adjusted loss mostly in line with estimates but issued guidance for 2Q24 that was much worse than expectations. Management blamed a domestic market improving at a slower pace than they had forecast with off-peaks still struggling.