Spirit Airlines (NYSE:SAVE) gained in pre-market trading after the airline announced that, along with JetBlue Airways (NASDAQ:JBLU), it would jointly file a notice of appeal to the U.S. Court of Appeals for the First Circuit. This would be “consistent with the requirements of the merger agreement.”
This appeal is after a U.S. judge blocked its $3.8 billion merger with JetBlue Airways. On Friday, Spirit Airlines denied rumors of a restructuring but stated that the company was exploring options to refinance its debt.
Moreover, SAVE announced its preliminary earnings and expects total revenue to come in at the high end of earlier guidance.
What is the Stock Price Forecast for SAVE?
Analysts remain bearish about SAVE stock with a Moderate Sell consensus rating based on three Holds and four Sells. Over the past five trading sessions, SAVE stock has lost more than 50% of its value. The average SAVE price target of $8.33 implies an upside potential of 24.7% at current levels.
