UPDATE: Cowen Raises PT on Spirit Airlines on In-Line Traffic Results

In a report published by Cowen, analyst Helane Becker reiterates his Buy rating on Spirit Airlines SAVE and raises price target from $23 to $28. Cowen reported that, “We reiterate our Buy rating on the common shares of Spirit Airlines. We believe the stock can trade at 14x our 2013 EPS estimate of $2.00, implying a price target of $28/share, up from $23 previously. Spirit's balance sheet remains one of the best in the industry, with a net cash position. Management will continue to reduce the company's base fare while coming up with creative ancillary revenues streams. Spirit's 2013 growth will help diversify their revenues away from South Florida.” Shares of Spirit Airlines closed at $24.09 on Wednesday.