Delta Air Lines price target lowered to $65 from $78 at BofA

BofA lowered the firm’s price target on Delta Air Lines (DAL) to $65 from $78 and keeps a Buy rating on the shares after Delta was the first airline to cut its Q1 revenue growth outlook by 400-500 basis points to up 3%-4% from a prior forecast for 7%-9% growth. The firm, which says it knew February was soft following an American Airlines (AAL) headquarters visit in late February, adds that Delta’s cut was “deeper than expected.” BofA, which lowered its Delta estimates and price target, believes airline industry demand will “likely bounce along the trough until macro stability is reached.”