Spirit Airlines Surges After Cutting Costs and Cancellations
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Spirit Airlines Inc. jumped the most in eight months after reporting that its effort to cut costs, increase fuel efficiency and reduce cancellations is starting to pay off.
Improved operations are “a good story” that the ultradiscount carrier has been able to market to customers, Duane Pfennigwerth, an analyst at Evercore ISI, wrote to shareholders after Spirit released an investor update late Wednesday. The firm raised its price target to $58 from $52.