Raymond James downgraded ULCC to "market perform" from "outperform"
Frontier Group Holdings Inc (NASDAQ:ULCC) stock is down 5% at $12.66 at last glance, after receiving a downgrade from Raymond James to "market perform" from "outperform." The stock has been chopping lower since its mid-August nine-month peak, though the 200-day moving average lingers below as potential support. Year-to-date, the equity is just below breakeven.
Raymond James could be pioneering a round of bear notes, the rest of the 10 analysts in coverage carry a "buy" or better rating. Plus, the 12-month consensus price target of $17.78 is a 37.9% premium to current levels.
Shorts have been in covering mode, with short interest down 34.7% in the most recent two-week reporting period. Still, the 6.39 million shares sold short account for 17.6% of the stock's available float.