Delta Air Lines price target lowered to $62 from $66 at Bernstein

Bernstein lowered the firm’s price target on Delta Air Lines to $62 from $66 and keeps an Outperform rating on the shares. Delta reported a miss and guide down on Thursday, and the market’s initial negative read of the miss was “glass half empty” on supply concerns, but the firm says that double-digit margins in an oversupplied market that is taking steps to course correct “may not be all that bad” at this multiple. Bernstein believes Delta’s troubled Q2 print is likely to be the best of the three legacy network carriers.