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Spirit Airlines (SAVE) Stock Falling on Analyst Downgrade

NEW YORK (TheStreet) -- Shares of Spirit Airlines (SAVE - Get Report) are down by 3.92% to $38.23 in afternoon trading on Monday, after the airline's rating was cut to "peer perform" from "outperform" by analysts at Wolfe Research, according to Barron's.

Analysts at the firm lowered their rating after American Airlines (AAL) indicated that it would be willing match the prices from discount airlines such as Spirit in an earnings call today.

"The competitive dynamic. American Airlines' earnings call, which we were waiting to hear before we made this decision, did nothing to dissuade us from our opinion that American Airlines views Spirit as a strategic threat," analyst Hunter Keay said.

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"American Airlines was unapologetic about its willingness to match almost any local ULCC fare. We see no reason why this should change without higher fuel prices. Even if American Airlines gets more surgical on how...


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