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Delta Air Lines ( DAL ) is set to report fiscal 2025 first-quarter results before the opening bell Wednesday as analysts have grown more cautious about air travel demand amid rising economic uncertainty .

Analysts are largely still bullish on Delta's stock, with nine "buy" and one "hold" rating held by the analysts tracked by Visible Alpha. However, that's down from all 13 analysts with a "buy" rating last quarter , and the average price target for Delta has also declined to $67.30 from $76.85 prior to last quarter's report.

That consensus target has fallen as Delta shares have tumbled 46% to $37.25 through Friday from a record closing high of $69.06 in early February, including a nearly 11% drop during Thursday's tariff-fueled sell-off .

For its March quarter, Delta is projected to report adjusted earnings per share (EPS) of $0.41, down 4 cents year-over-year, on revenue of $13.90 billion, up 1% from a year ago , per Visible Alpha.

Analysts Expect Challanging Earnings Season Amid Uncertainty

Last quarter, Delta topped estimates and CEO Ed Bastian said the carrier expected consumer demand for travel and "premium products and experiences" to continue into 2025. However, consumer sentiment has worsened during Q1, leading Delta and other airlines to trim their outlooks.

"There is no place to hide from softening demand trends, and we expect a 1Q25 earnings season characterized by weak 2Q25 outlooks and lower 2025 earnings guidance," Bank of America analysts wrote Thursday. "The stocks have anticipated this, and we believe airlines should be conservative in outlooks given the uncertainty."

The analysts cut their price target for Delta to $56 from $65, also trimming their targets for rivals United Airlines ( UAL ) and American Airlines ( AAL ), among others. They said they expect Delta to kick off the quarterly earnings season by lowering full-year profit forecasts, with other airlines possibly following.

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