DAL UAL YTD mountain Delta and United Airlines stock in 2025. The analyst expects greater stability in terms of demand ahead, given recent positive comments from Delta executives, which could be a tailwind for the broader segment. The analyst also upped his earnings outlook for both firms. "A more positive outlook for demand translates to stronger TRASM [total revenue per available seat mile] which is the key driver of the increase in our EPS estimates," he said. We assume ~1 pp better TRASM in 2025 vs our prior models and 0.5 pp stronger growth in 2026E (off the higher 2025E base) for both DAL and UAL." Delta stock has slipped 16% in 2025, while United has pulled back about 20%. Most analysts are bullish on Delta and United. LSEG data shows that 18 of 23 who cover the former rate it a buy or strong buy. On the latter stock, 20 of 23 analysts have a buy or strong buy rating.