TD Cowen lowered the firm’s price target on Spirit Airlines (SAVE) to $1 from $2 and keeps a Sell rating on the shares. The firm said in a regulatory filing they disclosed they are unable to file 10-Q by required date due to creditor negotiations diverting significant mgmt time. Management states if definitive agreement with creditors is reached it is expected to lead to cancellation of equity. If no deal, they will consider all alternatives.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SAVE:
- Spirit Airlines Plunges 63% on Possibility of Bankruptcy Deal Wiping Out Shareholders
- Closing Bell Movers: Instacart down 6% after earnings
- Spirit Airlines files Form 12b-25 with SEC
- JetBlue, American cancel Haiti flights after Spirit jet hit with shots, CNN says
- JetBlue not interested in revisiting Spirit deal, focusing on Jet Forward