Bernstein analyst David Vernon said on Tuesday that Delta Air Lines (DAL) is the best-positioned airline to take advantage of industry trends related to charging more for flights, as airport capacity becomes constrained and operating costs increase.

"DAL is best positioned to over-earn at capacity constrained airports. Marrying data on yields, airport costs, and airport delays it appears to us that Delta Airlines is in the greatest position to exploit this advantage out of Atlanta," Vernon wrote in a note obtained by Barron's.

He also argues that Delta will sustain "a higher margin than peer hub and spoke network airlines American Airlines (AAL) and [United Continental] (UAL) ," as contrasted markets weigh on both Delta rivals.

And, "while Southwest Airlines (LUV) has limited exposure in constrained markets, their model depends more on throughput and less on yield we don't think this is necessarily a bad thing (and is probably in some part by design)," Vernon added.

Shares of Delta were moving lower in afternoon trading on Tuesday.

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