Delta Stock Higher After Pilot Furlough Notice

The equity is down 53% year-to-date, however

Digital Content Manager
Jun 29, 2020 at 10:57 AM
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The shares of Delta Air Lines, Inc. (NYSE: DAL) are up 2.3% at $27.55 this morning, after the company announced late on Friday it will send warning notices to 2,500 pilots regarding possible furloughs. The airline also said it reached a tentative agreement with the Air Line Pilots Association (ALPA) labor union on a pilot-specific voluntary early retirement option. The early-out plan is a meaningful step as the carrier continues to manage the impacts of the pandemic and align staffing with air travel demand.

Since bottoming out in May at the $17 level, the equity has been chopping higher on the charts, with support from its 60-day moving average, over the past couple of weeks. Though shares peaked in early June at $37.24, they have since found overhead pressure just above the $33 mark. Longer term, DAL has been struggling to recover from the effects of coronavirus, and is down 53% year-to-date.

Nonetheless, analysts were optimistic toward DAL coming into today, with seven of the 11 in coverage sporting a "buy" or better, and the remaining four carrying a "hold."Meanwhile, the consensus 12-month price target of $36.01 is a 31.05% premium to current levels.

 

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