Rodman & Renshaw Maintains Outperform, $14 PT on Delta Air Lines

Rodman & Renshaw reiterates its Outperform rating and $14 price target on Delta Air Lines (NYSE: DAL) as the company's fundamentals continue to support higher valuations.

Rodman & Renshaw says, "* Our unchanged $14PT is based on shares trading at 10x our 2012 EPS which we believe is a mid-cycle earnings outlook (and which we fully tax for purposes of deriving our PT). Shares of DAL are up 40% YTD, but the fundamentals continue to support higher valuation yet. Shares are currently trading at 7.6x our 2012 EPS while the carrier's enterprise value trades at 4.1x our 2012 EBITDAR."

DAL closed at $11.30 a share on Friday.