Delta Air Lines could be in for big gains going forward, according to Morgan Stanley. The bank listed Delta as a top pick Wednesday, reiterating an overweight rating and a $70 per share price target. Morgan Stanley’s forecast implies more than 51% upside from Tuesday’s $46.09 close. Analyst Ravi Shanker highlighted Delta’s investor day on Tuesday, which underpinned the bank’s bullish outlook on the stock. While the event focused less on company financials, Shanker said the overall “enthusiastic” tone was a welcome change given uncertainty coming out of the Covid-19 pandemic. DAL YTD mountain Delta has added more than more than 40% from the start of the year. “This was not just a message of a rising tide – mgmt. presented a clear, convincing, data driven story of idiosyncratic brand/franchise strength which should drive premium demand upside in an upturn and resilience in a downturn,” Shanker said. Delta management did provide updated near-term financial guidance. The company predicted that more than $300 billion worth of demand has yet to come back. For the second quarter, Delta executives now expect year-over-year revenue to climb 17% to 18%, Shanker said. Meanwhile, 2023 earning are expected to reach $6 per share, the upper end of Delta’s guidance range. “The event was somewhat of a victory lap coming out of the pandemic, which is understandable given how little credit the stock is getting for it,” the analyst said. — CNBC’s Michael Bloom contributed to this report.