Air Canada (TSE:AC) Cut to "Hold" at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group downgraded Air Canada from "buy" to "hold" and cut its target price from C$28.00 to C$21.00, implying about a 26.6% upside from the current share price.
• Analyst coverage is mixed—six buys, five holds and one sell—leaving a MarketBeat consensus rating of "Hold" with a consensus price target of C$24.50.
• Shares traded at C$16.59 on Friday (down C$0.50), with a market cap of roughly C$4.89B, a P/E of about 8.9, an elevated debt-to-equity ratio near 446.8%, and a 52‑week range of C$12.69–C$23.72.

Air Canada (TSE:AC - Get Free Report) was downgraded by equities research analysts at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research report issued on Friday,BayStreet.CA reports. They currently have a C$21.00 target price on the stock, down from their prior target price of C$28.00. Canaccord Genuity Group's price objective points to a potential upside of 26.58% from the company's current price.

Several other research firms also recently weighed in on AC. Canadian Imperial Bank of Commerce lifted their target price on shares of Air Canada from C$23.00 to C$24.00 in a research report on Wednesday, January 21st. UBS Group raised shares of Air Canada to a "hold" rating in a research report on Tuesday, November 18th. Scotiabank lowered shares of Air Canada from an "outperform" rating to a "hold" rating and dropped their price objective for the company from C$27.00 to C$21.00 in a research note on Tuesday. National Bank Financial increased their target price on shares of Air Canada from C$24.00 to C$25.00 and gave the stock a "sector perform" rating in a research report on Tuesday, February 17th. Finally, Jefferies Financial Group decreased their target price on shares of Air Canada from C$22.00 to C$17.00 in a research note on Thursday. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Air Canada presently has an average rating of "Hold" and a consensus price target of C$24.50.

Air Canada Price Performance

Shares of TSE AC traded down C$0.50 during trading on Friday, hitting C$16.59. The company had a trading volume of 4,436,095 shares, compared to its average volume of 2,984,552. The company has a market cap of C$4.89 billion, a P/E ratio of 8.92, a PEG ratio of 0.02 and a beta of 1.56. The company has a debt-to-equity ratio of 446.78, a quick ratio of 1.06 and a current ratio of 0.56. The business's 50-day moving average is C$19.63 and its 200 day moving average is C$19.02. Air Canada has a 52 week low of C$12.69 and a 52 week high of C$23.72.

About Air Canada

Air Canada is Canada's largest airline, generally serving nearly 50 million passengers each year together with its regional partners. Air Canada is a sixth freedom airline, similar to Gulf carriers, which flies many U.S. nationals on long-haul trips with a layover in Canada. In 2019, the company generated CAD 19 billion in total revenue.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.