Delta Closes Banner 2022, and We Expect Continued Profitability for the Medium Term

After reviewing Delta's fourth-quarter and full-year 2022 results, we don't expect to materially change our $60 per share fair value estimate. That said, we'll revisit our modeling assumptions after Delta's 10-K is filed. Delta's full-year 2022 revenue of $50.6 billion and $3.7 billion in operating profits came in a touch higher than we had anticipated, though Delta (along with other airlines) has seen fuel costs soar to double the running rate of several years ago, and there's also been an uptick in costs to hire, train, and retain flight crew personnel.