Raymond James raises Delta Air Lines price target to $58 from $57

Raymond James raised its Delta Air Lines Inc.
DAL,
-0.50%
price target to $58 from $57 Friday, citing the air carrier’s second-quarter earnings beat and raised outlook. Raymond James also reiterated its Strong Buy rating for Delta. “While the update and demand commentary were positive, we believe U.S. airlines shares were soft (-2% on avg vs S&P +1%) on a ‘buy-the-rumor, sell-the-news’ move following the strong run over the last few months, recent increase in jet fuel price, and still 1-2 months away from gaining greater clarity on post-summer trends,” wrote Raymond James analyst Savanthi Syth, in the note. Of 21 analysts surveyed by FactSet, 20 have an overweight or buy rating and one has an underweight rating for Delta. The air carrier’s stock is up 0.3% in premarket trades Friday after ending Thursday’s session down 0.5%.