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July 15, 2021, 7:55 a.m. EDT

Delta Air Lines stock bounces off 5-month low after double upgrade at Raymond James

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By Tomi Kilgore

Shares of Delta Air Lines Inc. /zigman2/quotes/200327741/composite DAL +1.08% bounced 0.9% in premarket trading Thursday, after the air carrier was double upgraded by analyst Savanthi Syth at Raymond James, who said the stock was "too hard to ignore at current levels." The upgrade comes after the stock slumped 1.6% to close Wednesday at the lowest price since Feb. 3, as concerns over the pace of the travel recovery overshadowed better-than-expected second-quarter results. Syth raised her rating two notches to strong buy, after being at market perform since November 2020. Her $58 stock price target implies a 43% gain from Wednesday's close of $40.68. "[T]he recent leg down in U.S. airlines shares may be more interest rate/inflation-related spillover to value, but we expect improving fundamentals to prevail particularly given our favorable view on business demand recovery," Syth wrote in a note to clients. She said that while other air carriers provide exposure to business demand recovery without the risk of further delays in international market reopenings, "we find [Delta's stock] too hard to ignore at current levels." The stock has dropped 13.1% over the past three months through Wednesday, while the U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS +0.93% has shed 12.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.00% has gained 4.9%.

$ 39.24
+0.42 +1.08%
Volume: 2.01M
Jan. 20, 2022 10:16a
P/E Ratio
Dividend Yield
Market Cap
$25.31 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 21.69
+0.20 +0.93%
Volume: 2.26M
Jan. 20, 2022 10:16a
+45.14 +1.00%
Volume: 432.73M
Jan. 20, 2022 10:16a

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