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Evercore ISI analysts upgraded Delta Air Lines (NYSE:DAL) to Outperform from In-Line with the price target of $47 per share.
The analysts also adjusted estimates for the Airlines sector to reflect lower fuel prices and selectively higher 2Q unit revenue.
“Demand tone remains upbeat, (consistent with our early Feb conference) and we continue to expect positive updates next week. Fuel prices behaving while China is reopening is a positive development,” they said in a client note.
Analysts note that DAL shares have significantly lagged legacy peers United Airlines (NASDAQ:UAL) and American Airlines (NASDAQ:AAL).
“Recent pilot contract ratification lowers Delta’s cost outlook uncertainty vs. peers. Planned June investor day at its Atlanta headquarters a good opportunity to refine financial targets and segments such as Tech Ops (MRO),” analysts added.
Delta shares are trading over 1% higher in pre-market Tuesday.
