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Non-Tech : American Airlines Group, Inc.
AAL 28.86+0.3%Nov 15 4:00 PM EST

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From: Sam5/20/2019 11:38:49 AM
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Delta Air Lines -2% after Morgan Stanley downgrade
May 20, 2019 8:42 AM ET|About: Delta Air Lines, Inc. (DAL)|By: Clark Schultz, SA News Editor

Morgan Stanley moves to the sidelines on Delta Air Lines (NYSE: DAL) after seeing shares rise 10% YTD.

MS on Delta: "As we look at our refreshed 2020 estimates, which are moderately below consensus and reflect pilot step-ups, higher oil, elevated supply growth (3-4% 2019/2020), and healthy LSD RASM, shares are trading closer to an appropriate multiple (of ~9x). This compares to history of 9-10x over the last several years and the group at ~8x, thus the airline is now better reflecting its premium margins and balance sheet relative to the long-run."

The firm also points out that Delta's free cash flow yield is falling below 10% for the first time in recent years.

Morgan Stanley trims its price target on Delta to $61 from $62.

Shares of Delta are down 1.62% premarket to $54.00.
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