Why Spirit Airlines Is Gaining Altitude Today

A pair of Wall Street analysts have come out with notes bullish on the planned merger of Spirit Airlines (NYSE: SAVE) and Frontier Group Holdings (NASDAQ: ULCC). Shares of Spirit are soaring as a result, up as much as 8% on Wednesday morning.

On Monday, Spirit and Frontier announced plans to combine in a deal valued at about $6.6 billion that would create the nation's fifth-largest airline. Frontier is technically the acquirer in this deal, with Spirit shareholders set to get a combination of Frontier cash and stock, assuming the deal closes as planned later this year.

Image source: Spirit Airlines.

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Source Fool.com