BUZZ-Frontier Group jumps after Deutsche Bank raises rating to 'buy'
Reuters
Sep 02
BUZZ-Frontier Group jumps after Deutsche Bank raises rating to 'buy'
** Shares of Frontier Group Holdings ULCC.O up 18% to $5.8 in early trade after Deutsche Bank upgrades rating on the stock to "buy" from "hold"
** Says it sees the low fare carrier as best-positioned to be the biggest beneficiary of Spirit Airlines' FLYY.A bankruptcy given their network overlap
** Last week, Spirit filed for bankruptcy protection for the second time in a year
** Brokerage says it estimates that the overlap should increase to about 40% by the December quarter following Frontier's recent announcement to add 20 new routes beginning later this year
** Median PT of 11 brokerages covering the stock is $5.50 - LSEG data
** As of last close, stock down 31% YTD
(Reporting by Anshuman Tripathy)
((Anshuman.Tripathy@thomsonreuters.com))
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