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Citi opened a positive 90-day catalyst watch on Frontier Group Holdings (NASDAQ:ULCC) on Friday.
The firm based its call for a short-term rally for Frontier off the carrier landing key takeoff slots, landing slots, and gates at LaGuardia Airport in New York City. The relative underperformance of the airline stock this year was also a factor in the Citi confidence.
With its Q1 earnings report, Frontier (ULCC) reported ancillary revenue per passenger for the first quarter was up 15% year-over-year to $80. Revenue per available seat miles was 19% higher for the quarter.
Shares of Frontier (ULCC) rallied 4.47% in late morning trading on Friday to $8.63 vs. the 52-week trading range of $7.61 to $15.25. Short interest on ULCC stands at just under 10% of total float.
