Imperial Capital Raises Price Target on Delta Air Lines (DAL) to $44
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Imperial Capital reiterated an In-Line rating on Delta Air Lines (NYSE: DAL), and raised the price target to $44.00 (from $41.00), after adjusting estimates following the company's 3Q earnings report. Imperial now estimates FY17 PRASM will decline by (0.5%) versus (1.5%) previously. EPS estimates have been lowered to $1.10 from $1.35.
Analyst Michael Derchin commented, "We are maintaining our In-Line rating and our lowering our estimates on higher unit costs, but increasing our one-year price target on DAL shares to $44 from $41 on higher valuations due to improving unit revenue trends. We now estimate FY17 PRASM will decline by (0.5%) versus (1.5%) previously. Our price target is about 10% above the recent share price. We are lowering our 4Q16 EPS estimate to $1.10 from $1.35, our FY16 EPS estimate to $5.67 from $5.75, and our FY17 estimate to $5.25 from $5.46."
Shares of Delta Air Lines closed at $40.01 yesterday.
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