BofA raised the firm’s price target on Delta Air Lines to $60 from $55 and keeps a Buy rating on the shares. The Q4 revenue growth outlook of 2%-4% was modestly below the firm’s 3.5% forecast at the midpoint, driven by slightly lower than expected capacity growth and in-line unit revenues, but the firm says the focus for investors now shifts to the November 20 investor day, where it expects to hear more about Delta’s long-term earnings algorithm, ROIC targets, balance sheet goals, and capital allocation priorities.
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