The Q2 earnings season for U.S. stocks is set to begin this week, with $Delta Air Lines, Inc. DAL$ and $PepsiCo, Inc. PEP$ scheduled to report their earnings pre-market on Thursday. The banking sector will take the lead as $JPMorgan Chase & Co. JPM$, $Citigroup Inc. C$, $Wells Fargo & Company WFC$, and $Bank of New York Mellon Corporation BK$ are all slated to release their earnings reports pre-market on Friday.

Investors are particularly focused on the future performance of these banks, especially in the context of prolonged high interest rates and persistent inflation. They will closely monitor changes in demand for consumer and business loans, which could significantly impact the banks' financial results.

Today, we'll take a closer look at the highly anticipated earnings reports for this week, highlighting key companies and bank stocks for investors to watch.

1. $Delta Air Lines, Inc. DAL$

Delta Air Lines ( $Delta Air Lines, Inc. DAL$ ) is set to release its Q2 2024 earnings report pre-market on Thursday, July 11. According to TipRanks data, the earnings estimate for DAL in Q2 is $2.38 per share, with a range of $2.25 to $2.45. This is a significant increase from the previous quarter’s EPS of $0.45. Over the past 12 months, DAL has consistently beaten its EPS estimates 100% of the time, compared to its industry peers, which have exceeded EPS estimates 63.30% of the time within the same period. Notably, DAL has outperformed its industry over the last calendar year.

Delta Air Lines has garnered a consensus price target of $57.39 from 26 analysts. Morgan Stanley has set the high target at $85, issued on April 11, 2024, while Argus Research provided the low target of $39 on January 5, 2023. The three most recent analyst ratings from TD Cowen, Jefferies, and Citigroup were released on July 2, 2024, June 28, 2024, and May 29, 2024, respectively. The average price target from these analysts is $60.67, implying a potential upside of 29.02% for Delta Air Lines from these most recent ratings.

2. $PepsiCo, Inc. PEP$

PepsiCo ( $PepsiCo, Inc. PEP$ ) is scheduled to release its Q2 2024 earnings report pre-market on Thursday, July 11. According to TipRanks data, the earnings estimate for PepsiCo in Q2 stands at $2.16 per share, with a range between $2.12 and $2.25. This marks a noticeable increase from the previous quarter's EPS of $1.61. Over the past 12 months, PepsiCo has outperformed EPS estimates 100% of the time, whereas its industry peers have beaten EPS estimates 64.33% of the time during the same period. Remarkably, PepsiCo has outpaced its overall industry in the last calendar year.

PepsiCo Inc. holds a consensus price target of $160.14, based on ratings from 89 analysts. The three most recent analyst ratings were provided by Jefferies, B of A Securities, and TD Cowen on July 9, 2024, July 8, 2024, and July 3, 2024, respectively. The average price target from these analysts is $193.33, suggesting a potential upside of 19.42% for PepsiCo from these latest ratings.

3. $JPMorgan Chase & Co. JPM$

JPMorgan Chase & Co. ( $JPMorgan Chase & Co. JPM$ ) is set to announce its Q2 2024 earnings report pre-market on Friday, July 12. According to TipRanks data, the earnings estimate for JPM in Q2 stands at $4.20 per share, with a range between $3.94 and $4.63. This follows the previous quarter’s EPS of $4.44. Over the past 12 months, JPM has exceeded its EPS estimates 75% of the time, compared to its industry peers who have done so 61.08% of the time. Remarkably, JPMorgan Chase has outperformed its overall industry in the last calendar year.

JPMorgan Chase & Co. has a consensus price target of $195 based on ratings from 23 analysts. Jefferies has set the high target at $239, issued on July 3, 2024, while Berenberg provided the low target of $120 on July 18, 2022. The three most recent analyst ratings were from Keefe, Bruyette & Woods, Jefferies, and Evercore ISI Group, issued on July 9, 2024, and July 3, 2024, respectively. The average price target from Keefe, Bruyette & Woods, Jefferies, and Evercore ISI Group is $220, implying a potential upside of 5.93% for JPMorgan Chase from these latest ratings.

4. $Citigroup Inc. C$

Citigroup Inc. ( $Citigroup Inc. C$ ) is scheduled to release its Q2 2024 earnings report pre-market on Friday, July 12. According to TipRanks data, the earnings estimate for Citigroup in Q2 stands at $1.39 per share, with estimates ranging between $1.29 and $1.49. This follows the previous quarter’s EPS of $1.58. Over the past 12 months, Citigroup has exceeded its EPS estimates 75% of the time, compared to its industry peers who have done so 61.08% of the time.

Citigroup Inc. has a consensus price target of $62.17 based on ratings from 23 analysts. Oppenheimer has set the high target at $86, issued on April 30, 2024, while HSBC provided a low target of $43 on September 7, 2023. The three most recent analyst ratings were from Evercore ISI Group, Morgan Stanley, and RBC Capital, issued on July 3, 2024, and June 20, 2024, respectively. The average price target from Evercore ISI Group, Morgan Stanley, and RBC Capital is $64.33, implying a potential downside of -3.48% for Citigroup from these latest ratings.

5. $Wells Fargo & Company WFC$

Wells Fargo & Co. ( $Wells Fargo & Company WFC$ ) is set to announce its Q2 2024 earnings report pre-market on Thursday, July 12. According to TipRanks data, the earnings estimate for Wells Fargo in Q2 stands at $1.29 per share, with a range between $1.16 and $1.39. This follows the previous quarter’s EPS of $1.20. Over the past 12 months, Wells Fargo has exceeded its EPS estimates 100% of the time, compared to its industry peers who have done so 61.07% of the time.

Wells Fargo & Co. holds a consensus price target of $58.59, based on ratings from 22 analysts. Evercore ISI Group has set the high target at $70, issued on June 25, 2024, while RBC Capital provided a low target of $42 on June 14, 2023. The three most recent analyst ratings were from Jefferies, Evercore ISI Group, and JP Morgan, issued on July 3, 2024, June 25, 2024, and May 1, 2024, respectively. The average price target from Jefferies, Evercore ISI Group, and JP Morgan is $65.17, suggesting a potential upside of 8.63% for Wells Fargo from these latest ratings.

At last, wishing everyone successful investing!