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DAL / U.S. Global Jets ETF Soars On Strong News From Delta Air Lines

The U.S. Global Jets ETF, which invests in major US and international passenger airline companies, saw unit prices rise by 4.4% on June 27th, bringing its return for the past month to 10.8% and year to date to nearly 18.2%. This growth is largely attributed to a 6.8% increase in shares of Delta Air Lines, the ETF's largest holding, following optimistic projections revealed at the company's 2023 Investor Day. Delta Air Lines' management expects air travel spending in the US to return to pre-pandemic levels this year, reaching 1.3% of the country's GDP. They also highlighted the growth of household wealth among high-income travelers, who account for roughly 75% of all air travel spending, and supply constraints in the industry which could allow companies to charge more for their services. The airline industry is also expected to benefit from lower fuel costs, with Bank of America raising its forecast for earnings per share across the sector for 2023 due to the expectation that lower fuel costs will boost profits. As a result of the news and my findings, I am assigning a soft 'buy' rating to JETS. Read More

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Posted: Jun 28 2023, 09:15

Author Name: Seeking Alpha

DAL News

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