Delta Air Lines (DAL) shares experienced a significant pre-market plunge of 5.55% on Friday, as investors appear to be positioning themselves ahead of the company's upcoming first-quarter earnings report. The sharp decline suggests growing concerns about the airline's performance in the face of recent market volatility and industry challenges.

The company is scheduled to report its first-quarter earnings on Wednesday, with analysts expecting earnings per share of $0.44. This upcoming report is likely causing some apprehension among investors, especially given the recent market turbulence and potential impacts from new tariffs announced by the U.S. government. The airline industry, in particular, may face headwinds from increased costs and potential changes in travel patterns.

Adding to the pre-earnings jitters, TD Cowen has adjusted its price target on Delta Air Lines to $45 from $82, while maintaining a Buy rating. This significant reduction in the price target, despite the maintained positive outlook, may be contributing to the sell-off as investors reassess their expectations for the stock's potential upside.