Evercore Partners raises its price target on Overweight-rated Spirit Airlines (NASDAQ: SAVE) on raised earnings forecast based on latest quarterly results from the company.

Evercore Partners says, " Spirit Airlines reported 4Q11 EPS and revenue ahead of our estimates, driven by stronger non-ticket (ancillary) revenue. We believe Spirit continues to identify profitable growth opportunities in the capacity constrained US airline industry. Our 2012 EPS estimate is increased to $1.85 (+39% y/y) from $1.65 despite higher fuel assumptions. Our price target is raised to $26 from $20, previously, based on 14x our 2012 EPS, in line with Spirit's closest domestic growth comparable, Allegiant Travel."