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Posted by
Two Blokes June 4, 2025 -
Filed in
Stock
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We initiate coverage on Delta Air Lines at Buy. We view premiumization, margin resilience, and earnings durability as structurally understated by consensus. Our $57 PT is predicated on a 4.5x FY26E EBITDA multiple, +18% upside. We estimate FY25E/FY26E EBITDA of $7.3bn and $8.2bn, respectively, both well ahead of consensus.
