Delta Air Lines price target raised to $77 from $70 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Delta Air Lines to $77 from $70 and keeps an Overweight rating on the shares. Along with Delta’s Q2 beat, management raised fiscal year guidance for the second time in the last few weeks, but “the new range of $6-7 still appears very conservative to us,” the analyst tells investors. Delta’s earnings call commentary was supportive of short-term momentum, and its recent analyst day was supportive of long-term momentum, contends the firm, which reiterates Delta as its “Top Pick” in airlines.