Credit Suisse Trims PT on Delta Air (DAL) to $64 Following Q4 Results, Update

Credit Suisse lowers its price target on Outperform-rated Delta Air Lines (NYSE: DAL) from $65 to $64 following Q4 results on Tuesday.

The firm commented: Estimate updates: Our TP falls to $64 from $65 as we apply a slightly lower multiple (9.0x P/E, 5.0x EV/EBITDAR) to higher estimates to reflect the fuel-driven nature of the boost. Our '16E rises to $7.08 (from $6.75) and our '17E rises to $7.42 (from $7.10), we add '18E of $7.90. For simplicity, we don't assume a pilot deal until 1/1/2017.

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