Another analyst today recommends buying Delta:

"In a similar vein, I recently said the management team at Delta Airlines (NYSE: DAL) was doing well by sharply cutting expenses in this era of economic uncertainty, holding off on any major investments to focus on continued free cash flow generation. The airline industry is a notoriusly bad place to be when the economy slows, which is why shares are falling sharply. But Delta's management team is rewriting this history with a much wiser approach to cash management. Might the airline industry weaken in 2012? Sure, but Delta's weaker rivals are likely to feel much greater pain, cutting back in places that allow Delta to seize the advantage."