Air Canada (TSE:AC) Price Target Cut to C$22.00 by Analysts at CIBC

Key Points

• Analysts at CIBC have cut Air Canada's price target from C$24.00 to C$22.00, while maintaining an "outperform" rating, indicating a potential upside of 23.18% from the current stock price.
• Several research firms have varying price targets for Air Canada, with Citigroup setting a target of C$25.00 and Scotiabank lowering theirs to C$26.00, reflecting a mix of ratings among analysts.
• Air Canada's stock has recently fluctuated, trading at C$17.86, with a market cap of C$5.29 billion and a debt-to-equity ratio of 400.00.

Air Canada (TSE:AC - Get Free Report) had its price target decreased by analysts at CIBC from C$24.00 to C$22.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. CIBC's target price would suggest a potential upside of 23.18% from the company's current price.

Several other research analysts have also commented on AC. Citigroup set a C$25.00 price objective on Air Canada and gave the stock a "buy" rating in a report on Monday, June 30th. Scotiabank dropped their price objective on Air Canada from C$27.00 to C$26.00 and set an "outperform" rating for the company in a research note on Wednesday, September 3rd. Royal Bank Of Canada dropped their price objective on Air Canada from C$27.00 to C$25.00 and set an "outperform" rating for the company in a research note on Wednesday, August 20th. National Bank Financial lowered Air Canada from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Finally, Raymond James Financial increased their price objective on Air Canada from C$24.00 to C$27.00 and gave the company a "moderate buy" rating in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of C$24.91.

Air Canada Price Performance

Shares of AC traded down C$0.12 during midday trading on Friday, hitting C$17.86. 2,965,104 shares of the company traded hands, compared to its average volume of 3,328,038. The stock has a 50-day moving average of C$19.52 and a 200-day moving average of C$18.02. Air Canada has a one year low of C$12.69 and a one year high of C$26.18. The firm has a market cap of C$5.29 billion, a P/E ratio of 4.52, a PEG ratio of 0.02 and a beta of 1.73. The company has a debt-to-equity ratio of 400.00, a current ratio of 0.92 and a quick ratio of 1.06.

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.

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