Delta Air Lines: Demonstrating Resilience and Strong Market Position Amidst Challenges11:31 PM Delta Air Lines (NYSE: DAL) Buy (1) ESG $77.00 (Prior $72.00) Pudding: DAL Report THE TD COWEN INSIGHT Delivered better-than-expected guidance update. Mgmt quantified the shutdown as $200mm drag on 4Q25 pre- tax income, or a $0.25 hit to EPS. This compared to our estimate of an EPS impact of $0.52 and was also above the handful of other analysts who updated estimates in the last couple of weeks. Importantly, mgmt noted strong demand for YE holidays and early 2026. Maintain Buy and raise PT to $77. We raise our 4Q25 EPS estimate to $1.54 from $1.27, maintain our Buy rating, and raise our price target to $77 (11x 2026 adj EPS, 9.8x 2027 adj EPS). We update our 4Q25 EPS estimate for Delta to incorporate management's latest outlook for the December quarter.