Stifel analyst Joseph DeNardi said Delta once again presented a compelling case at its investor day for why its stock deserves a higher valuation, adding that he finds it important that CEO Ed Bastian used the words "sum of the parts." DeNardi sees a shift toward highlighting that Delta has multiple business lines with varying financial characteristics, including its marketing company, which resembles other fee/royalty-oriented business models. Bastian said Delta plans to begin providing improved financial disclosures for its various lines of business, including its loyalty program, starting with its June 2020 investor day, which DeNardi views as "a potential nearish-term positive catalyst and as enormously important for the longer-term," he tells investors. DeNardi keeps a Buy rating and $90 price target on Delta shares.