HSBC analyst Achal Kumar initiated coverage on several airline stocks. The analyst writes that there is a continued recovery in corporate travel, stronger international demand, tighter capacity, and pandemic-driven behavioral changes in the industry. The analyst says that the cost pressures may not fade in the near term but expects profitability to improve, a manageable capital expenditure cycle and the industry to see some consolidation. The analyst initiated coverage on Delta Air Lines, Inc. (NYSE:DAL) at a buy rating with a price target of $72.80. The analyst says that Delta Air Lines is their preferred stock, given its strong competitive positioning across all its key hubs and high penetration in premium traffic (which derives about 45% of revenue from premium cabins). Also, Delta has the biggest loyalty membership base (around 120 million members), a balanced network, and a strong management team, writes the analyst.  Kumar initiated coverage on American Airlines Group, Inc.(NASDAQ:AAL) at a Buy rating and a price target ...