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Goldman Upgrades Frontier Airlines

Goldman upgrades Frontier Airlines (FRNT) to outperform from in-line.

Analyst Glenn Engel says revenues in the Western U.S. improving faster than expected and raises estimates despite higher fuel prices.

He narrows his 29-cent fourth-quarter loss estimate to a 25-cent loss, his 85-cent fiscal 2005 (ending March) loss to a 81-cent loss, 55-cent fiscal 2006 loss to a 20-cent loss, and 25-cent fiscal 2007 loss to 20 cents earnings per share.

Engel says his return to sustained profitability rests on events out of each airline's control: a big drop in fuel prices and/or grounding of at least 5% of industry supply. He's seeing some evidence of pricing progress in the industry. He notes Frontier will see positive cost and revenue leverage in fiscal 2006.

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