Deutsche Bank analyst Michael Linenberg upgraded Delta Air Lines (DAL) to Buy from Hold with a price target of $70, up from $61. The analyst also raised his price target for Buy-rated JetBlue (JBLU) to $26 from $23 and Buy-rated United Airlines (UAL) to $110 from $108. Airline stocks are discounting risk from Boeing's (BA) 737 MAX, says Linenberg, who remains constructive on the sector for 2020. Who would have thought that "healthy" sales growth and the return of margin expansion, accompanied by an accommodative monetary backdrop, would result in significant share price underperformance for U.S. airline stocks in 2019, the analyst asks.

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Bernstein raised the firm's price target on United Airlines to $72 from $59 and keeps an Outperform rating on the shares. The company's Q1 results leave the firm feeling good about the short term outlook as travel demand remains strong, but even more bullish about the set up for the airline, the analyst tells investors in a research note. Fears of unconstrained supply growth are also being vanquished by the reality of constrained production rates, Bernstein states, adding that even after a big runup in the stock, there's "plenty of upside left".

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JetBlue announced several leadership and organizational updates as the company continues on its path to sustained profitability: Daniel Shurz has been named JetBlue's new head of revenue, network, and enterprise planning. Over the past 20 years Shurz has served as vice president, network planning for Air Canada and senior vice president, commercial for Frontier Airlines, and held strategy and business development roles at both carriers. He will lead JetBlue's network planning, airline partnerships, sales and revenue management, and enterprise planning teams which are critical elements of the company's push for profitability and plans to strengthen its network positioning. Daniel will report to JetBlue's president, Marty St. George. Dave Clark has been named JetBlue's new head of finance and strategy, responsible for financial planning and analysis, strategy and business development, as well as investor relations. He joined JetBlue in 2009 and most recently served as JetBlue's head of revenue and planning. He will report to JetBlue's chief financial officer, Ursula Hurley. Shelly Griessel has been promoted to vice president, customer support. She joined JetBlue in 2022 and since then has served as managing director, customer support, responsible for JetBlue's omnichannel management of all customer contacts. She will continue to report to Jayne O'Brien, JetBlue's head of marketing and customer support. Melinda Maher has been named vice president, treasurer and infrastructure. She has served as vice president, financial planning & analysis and structural cost since 2022. She previously served on JetBlue's finance team from 2013-2016 before taking on leadership roles at Alaska Airlines and Amazon. Katherine Celli has been named vice president, culture, talent management, and organizational effectiveness. In addition to bolstering JetBlue's efforts around culture, a key competitive advantage, Katherine will have oversight of talent management and organizational effectiveness. She's been with JetBlue for 16 years, most recently as the culture and change management planning leader for the proposed Spirit integration. She will report to Tracy Lawlor, JetBlue's interim chief people officer.

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Notable gainers among liquid option names this morning include Genuine Parts (GPC) $159.09 +15.03, Globe Life (GL) $66.97 +3.74, Anthem (ELV) $532.10 +23.13, United Continental (UAL) $50.59 +1.84, and UnitedHealth (UNH) $494.80 +15.81.

Unusual total active option classes on open include: Wrap Technologies (WRAP), AstraZeneca (AZN), JetBlue (JBLU), United Continental (UAL), Taiwan Semi (TSM), Nokia (NOK), EBay (EBAY), Maplebear Inc (CART), Airbnb (ABNB), and UnitedHealth (UNH).

Raymond James raised the firm's price target on United Airlines to $70 from $66 and keeps an Outperform rating on the shares. United's 1H24 earnings trend drives greater confidence in the $9-$11 2024 EPS, the analyst tells investors in a research note. The firm believes the $7-$9B annual capital expenditures guidance for 2025-2027 was ahead of expectations that had been declining in recent months and plans for 100 narrowbody aircraft on average annually is considerable in terms of operational execution and potential growth, and expects United to focus on maximizing profits, with greater clarify on earnings and free cash flow targets at an investor day event likely later this year.