Deutsche Bank upgraded Frontier Group (ULCC) to Buy from Hold with a price target of $8, up from $4. The firm views Frontier as best positioned to be the biggest beneficiary of Spirit’s bankruptcy given their network overlap. It says 35% of Frontier’s network overlaps with Spirit for the September quarter. The overlap should increase to 40% by the December quarter following Frontier’s recent announcement to add 20 new routes beginning later this year, the analyst tells investors in a research note.
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