Delta Air Lines price target lowered to $77 from $90 at UBS

UBS lowered the firm’s price target on Delta Air Lines (DAL) to $77 from $90 and keeps a Buy rating on the shares. Delta’s Q1 pre-report was to the downside, driven by weaker revenue growth of 3%-4% compared to a prior view of 7%-9% growth, and while fuel prices have come down over the past several weeks, Delta indicated that fuel in Q1 is actually tracking about 5c/gallon higher than their initial expectation, the analyst tells investors in a research note. UBS believes roughly half of the downside in Q1 revenue is due to a weaker economic backdrop and greater uncertainty while the other half of the revenue weakness was driven by weather and temporary impact from plane accidents.