Why Spirit Airlines Stock Is Trading Lower Wednesday - Spirit Airlines (NYSE:SAVE)

　　Spirit Airlines, Inc.SAVE shares are trading lower on Wednesday after the company issued soft 2024 fiscal year second quarter revenue guidance.

　　The Details:The airline company sees total revenue for the second quarter at about $1.28 billion versus analyst estimates of $1.33 billion.

　　Spirit explained that non-ticket revenue for the quarter did worse than expected. The company believes this is linked to pricing pressure on additional services due to shifts in the market.

　　Spirit anticipates non-ticket revenue per passenger segment to be about $64 which is several dollars lower than expected. However, ticket revenue per segment was in line with the companys expectations.

　　Analyst Changes: Following the soft second quarter revenue guidance announcement, several analyst issued price target adjustments.

• B of A Securities analyst Andrew Didoramaintained Spirit Airlines with a Underperform and lowers the price target from $3.25 to $2.75.
• TD Cowen analyst Helane Beckerdowngraded Spirit Airlines from Hold to Sell and announces $2 price target.