In this article, we will list the 5 Stocks Most Affected by Inflation. Please visit 10 Stocks Most Affected by Inflation if you’d like to see an extended list and how we came up with the stocks most affected by inflation.
5. Kohl’s Corporation (NYSE:KSS)
Kohl’s Corporation (NYSE:KSS) is one of the stocks most affected by inflation.
On March 12, 2026, BofA Securities analyst Lorraine Hutchinson maintained an Underperform rating on Kohl’s and cut the price target to $15 from $18 after the retailer’s fourth-quarter trends softened. Hutchinson said the fourth-quarter comparable-sales deceleration pointed to a tougher fiscal 2026 setup and argued that a real inflection in the business could require additional investment. BofA also trimmed its fiscal 2026 EPS estimate to $1.26 from $1.27 and reduced its fiscal 2027 forecast to $1.06 from $1.50.
The note followed Kohl’s March 10 fiscal 2025 results. The company reported fourth-quarter net sales of $4.97 billion, down 3.9% year over year, with comparable sales down 2.8%. For the full year, net sales fell 4.0%, and comparable sales declined 3.1%. Still, fourth-quarter diluted EPS came in at $1.07, while Kohl’s introduced fiscal 2026 guidance that called for net sales to range from flat to down 2% and adjusted diluted EPS of $1.00 to $1.60. Reuters reported management pointed to a better early start to 2026 in spring and year-round categories, even as the company continued to navigate weak discretionary demand and competition from off-price and online channels.
Kohl’s Corporation (NYSE:KSS) is a U.S. department store retailer that sells apparel, footwear, accessories, beauty, and home products through its stores and digital platform.
4. Frontier Group Holdings Inc. (NASDAQ:ULCC)
Frontier Group Holdings Inc. (NASDAQ:ULCC) is one of the stocks most affected by inflation.
On March 16, 2026, UBS analyst Atul Maheswari maintained a Neutral rating on Frontier and cut the price target to $4 from $6. Publicly available summaries of the note show UBS kept its airline commentary brief and sector-wide, saying carriers were likely to guide first-quarter results around the midpoint of prior outlooks, with fuel volatility creating enough uncertainty that some airlines could suspend full-year 2026 guidance.
Citi followed on March 20, 2026, maintaining a Neutral rating on Frontier while lowering its price target to $3.50 from $5. Citi’s main point was more direct: higher fuel prices created downside risk to first-quarter, second-quarter, and full-year 2026 estimates across nearly all airlines under its coverage, including Frontier. That made the inflation story here less about demand cracking and more about cost pressure eating into earnings expectations.
The backdrop was already visible in Frontier’s own updates. On February 11, the company reported fourth-quarter 2025 revenue of $997 million, net income of $53 million, and a 5.2% pre-tax margin. But on March 17, Frontier said first-quarter 2026 jet fuel was now expected to average about $3.00 per gallon, up from the $2.50 assumption behind prior guidance, adding roughly $45 million to $50 million in fuel expense.
Frontier Group Holdings Inc. (NASDAQ:ULCC) is the parent of Frontier Airlines, an ultra-low-cost carrier focused on low fares, ancillary revenue, and a fuel-efficient fleet.
3. Delta Air Lines Inc. (NYSE:DAL)
Delta Air Lines Inc. (NYSE:DAL) is one of the stocks most affected by inflation. On March 20, 2026, Citigroup maintained its Buy rating on Delta but cut its price target to $77 from $87. Citi analyst John Godyn said the firm was updating estimates for higher fuel prices and now saw downside risk to first-quarter, second-quarter, and full-year 2026 estimates across nearly all airlines it covers.
That call landed in the middle of a sharp rise in jet-fuel costs tied to the Iran conflict and broader supply disruption fears. Reuters reported that U.S. airlines are now largely unhedged on fuel, leaving margins more exposed when oil and refined-product prices jump. Delta has some insulation through its refinery ownership, but it still faces meaningful cost pressure from higher fuel prices.
The pressure is not theoretical. Reuters reported on March 17 that Delta expected a roughly $400 million increase in first-quarter expenses from surging jet-fuel prices, even as booking trends remained strong enough for the company to lift its revenue outlook. That combination helps explain Citi’s stance: demand is holding up, but fuel inflation is still squeezing earnings power in the near term.
Delta Air Lines Inc. (NYSE:DAL) is a major U.S. airline serving domestic and international routes, with hubs across key U.S. markets and operations spanning passenger and cargo air transportation.
2. American Airlines Group Inc. (NASDAQ:AAL)
American Airlines Group Inc. (NASDAQ:AAL) is one of the stocks most affected by inflation.
On March 12, 2026, Evercore ISI analyst Duane Pfennigwerth maintained an In-Line rating on American Airlines Group Inc. (NASDAQ:AAL) and cut his price target to $14 from $17 as rising fuel costs pressured the airline’s outlook. Evercore said the latest dislocation in airline inputs was a “2.8-sigma event,” comparing it with periods such as 2008 and the early phase of the Ukraine war, while noting that spot jet fuel was running about 53% above the first-quarter-to-date average as of March 11.
That caution came as American was already dealing with a more expensive fuel backdrop. On January 27, the company said its first-quarter 2026 guidance reflected the impact of Winter Storm Fern, including a $150 million to $200 million revenue hit and a roughly 1.5-point increase in CASM-ex. Then on March 17, American lifted its first-quarter revenue outlook to more than 10% growth, but said fuel volatility had created an estimated $400 million expense hit and pushed expected results toward the lower end of its prior loss guidance.
American Airlines Group Inc. (NASDAQ:AAL) is a major network carrier operating domestic and international passenger and cargo service through the American Eagle regional brand and its mainline fleet.
1. United Airlines Holdings, Inc. (NASDAQ:UAL)
United Airlines Holdings, Inc. (NASDAQ:UAL) is one of the stocks most affected by inflation. As with other airline stocks in our list, UAL is facing the same inflationary pressure from the rising fuel cost.
Several Wall Street firms trimmed their price targets on the carrier in mid-March 2026 as rising fuel costs pressured near-term earnings assumptions, though analysts generally kept positive ratings in place. On March 20, Citi maintained its Buy rating and cut its price target to $132 from $155, saying higher fuel prices created downside risk to first-quarter, second-quarter, and full-year 2026 estimates across much of the airline group. Citi also said weaker estimates do not necessarily mean weaker stock performance.
Earlier, on March 16, Wells Fargo maintained an Overweight rating and lowered its target to $130 from $145, citing fuel risk and expected guidance cuts, while noting that demand remained strong and that premium airlines still looked attractive beyond the near-term headwind. On March 12, Jefferies maintained its Buy rating and lowered its target to $125 from $148, noting that jet fuel prices had risen about 50% from January averages when U.S. airlines first issued guidance, leading the firm to raise its first-half fuel cost estimates.
United Airlines Holdings, Inc. (NASDAQ:UAL) is a major U.S. airline that provides passenger and cargo air transportation through the United brand.
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