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Bear Stearns Upgrades Delta Air

Bear Stearns upgraded Delta Air Lines (DAL) to peer perform.

Analyst David Strine says Delta's deal with pilots and 11th-hour financing from American Express (AXP) should allow the company to avert Chapter 11. He says the deal with pilots likely provides for $1 billion in annualized savings and estimates $1.8 billion in savings in 2005.

He notes the $600 million in liquidity from American Express should provide the company with $1.7 billion in cash at year-end, vs. his prior estimate of $1.4 billion, not including potential financing from lessor creditors. Strine says the balance sheet remains deeply troubled, however, with the impact of high oil prices to cash flow still high.

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