Delta Air Lines (DAL) PT Lowered to $45 at Jefferies

Jefferies analyst Sheila Kahyaoglu lowered the price target on Delta Air Lines (NYSE: DAL) to $45.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "AL faces near-term uncertainty as we believe unit revenues fall off into Q4 (Q4 TRASMs +10% vs. 2019 vs. +23% in Q3) and our 2023 Adj. EBITDAR estimate of $6.3BB is ~20% below consensus. Despite these industry pressures, DAL is our favored airline given 1) best-in-class offering provides greatest potential to sustain higher TRASMs; 2) premium expansion a 3-4 pt RASM tailwind in 2024; and 3) 13pts of CASM-ex improvement into 2023 as the airline scales."

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