Bernstein SocGen Group analyst David Vernon lowered the price target on Delta Air Lines (NYSE: DAL) to $100.00 (from $106.00) while maintaining a Outperform rating.

The analyst comments "For 3Q, we and the street expect adj. EPS below the guided $2-$2.50 range. Our $1.85 estimate is -3% vs. BBG consensus, though we believe buy-side expectations are already near our forecast. We now fall below management's FY26 adj. EPS guidance range ($6.50– $7.50), with our FY26 estimate of $5.69 down ~17% from earlier in the quarter. We continue to view consensus as modestly too high given 4Q fuel assumptions that appear overly favorable relative to current conditions, leaving risk to both 4Q and FY26 expectations. Looking to 2027, fuel forward curves imply some easing, and with more time to adjust fares and schedules, our longer-term thesis remains largely intact. We lower FY27 / FY28 EPS estimates by just 5% / 3%, respectively. As such, our PT declines a bit to $100 from $106 as we lower our EV/EBITDAR multiple from 6.8x to 6.4x on added fuel risk."