UBS is growing more bullish on airline giants Delta and United . The firm upgraded both airline stocks to buy from neutral. Analyst Thomas Wadewitz’s $66 per share price target on Delta, up from $46, implies roughly 30% upside from Friday’s close. On United, his $105 per share price target — up from $67 — points to for 35% upside. “Recent tariff relief due to the 90 day agreement with China and framework with the UK support a shift in our base case from a downturn in the economy to stability / slow growth,” Wadewitz said. “A more stable economic backdrop and the recent rebound in the US equity market give us increased confidence in the resilience of international and premium revenue which had been our primary cyclical concern for both DAL and UAL.” DAL UAL YTD mountain Delta and United Airlines stock in 2025. The analyst expects greater stability in terms of demand ahead, given recent positive comments from Delta executives, which could be a tailwind for the broader segment. The analyst also upped his earnings outlook for both firms. “A more positive outlook for demand translates to stronger TRASM [total revenue per available seat mile] which is the key driver of the increase in our EPS estimates,” he said. We assume ~1 pp better TRASM in 2025 vs our prior models and 0.5 pp stronger growth in 2026E (off the higher 2025E base) for both DAL and UAL.” Delta stock has slipped 16% in 2025, while United has pulled back about 20%. Most analysts are bullish on Delta and United. LSEG data shows that 18 of 23 who cover the former rate it a buy or strong buy. On the latter stock, 20 of 23 analysts have a buy or strong buy rating.
