The Spirit Airlines Analyst: Jamie Baker downgraded the rating for Spirit Airlines from Overweight to Underweight, while reducing the price target from $30 to $29.

The Spirit Airlines Thesis: Since the time of the announcement by Frontier Group Holdings Inc. (NASDAQ:ULCC), shares of Spirit Airlines have surged 18%, versus “a 16% market-weighted correction in non-deal names and 10% correction in the SPX,” Baker said in the downgrade note.

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“Given the lengthy runway between today and potential regulatory clarity, we believe SAVE shares may continue to buck fundamental trends,” the analyst wrote. Citing the “tumultuous nature of trading airline stocks,” he recommended investors to take profits.

SAVE Price Action: Shares of Spirit Airlines had declined by 2.03% to $25.14 at the time of publication Friday.