11:25 AM EDT, 06/01/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Oil prices are down 15% from May's $108 high on U.S.-Iran deal optimism. We maintain our Sell rating and raise our price target by $14 to $73. We lift our 2026 EPS estimate to $5.61 from $5.34 and 2027's to $6.89 from $5.98. Our target reflects 10.6x 2027 EPS, rolled forward from 11x 2026. Our estimates reflect lower fuel costs but remain below consensus on our view that oil/crack spreads may stay above 2024-2025 levels. We view DAL's cost structure favorably and believe the company can generate profits through this volatility, but current valuations and consensus estimates appear to reflect excessive optimism. The 2027 consensus of $8.08 implies full oil normalization and is 15% above our estimate. DAL's refinery vertical integration provides a partial hedge against crack spreads, and premium/corporate travel demand remains solid. However, with the stock pricing in a benign fuel environment, we see limited upside and maintain Sell. A key risk to our view is oil prices easing faster than expected.