UPDATE: Goldman Sachs Upgrades Delta Airlines to Buy on Valuation, Earnings Outlook

Goldman Sachs upgraded Delta Airlines

from Sell to Buy with a $15.90 price target. Goldman Sachs commented, "We upgrade DAL stock to Buy from Sell, as we expect the valuation discount to global network major peers to narrow as the company increases investor confidence in its earnings capability, having delivered three years of decent profits with healthy earnings prospects over the next few years barring any exogenous event. We expect traffic to pick up initially with international travel spending growth during 1H13 and domestic travel to rebound mid-2013 on improving corporate travel." Delta Airlines closed at $13.11 on Wednesday.