UPDATE: MKM Partners Starts Delta Air Lines (DAL) at Buy, Top Pick

(Updated - June 10, 2021 7:59 AM EDT)

MKM Partners analyst Conor Cunningham initiates coverage on Delta Air Lines (NYSE: DAL) with a Buy rating and a price target of $59.00. The analyst labels the company as a Top Pick.

The analyst comments "We are initiating coverage on Delta Air Lines with a Buy rating and $59 price target, derived using a 9x our 2023 EPS estimate. Delta is our top pick in the U.S. airline industry given its underlying potential from a quicker corporate recovery, premium-focused product driving a revenue premium, and the fact they have lagged the group during the recovery. Our bullish thesis of the group is due to the fact that leisure demand is supportive of current valuations, but further upside comes when corporate travel becomes a bigger contributor to revenue. We expect increased corporate demand in September as people return to the office. Delta is the largest beneficiary of a sizable corporate recovery, in our view."

For an analyst ratings summary and ratings history on Delta Air Lines click here. For more ratings news on Delta Air Lines click here.

Shares of Delta Air Lines closed at $47.04 yesterday.

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