Air Canada (TSE:AC) Stock Rating Lowered by Scotiabank

Key Points

• Scotiabank downgraded Air Canada from "outperform" to "sector perform" and cut its price target to C$21 from C$27, implying roughly a 20.34% upside from the prior close.
• Analyst consensus remains a Moderate Buy with an average target of C$24.42; AC shares traded at C$17.45 (down ~1.9%) and show a market cap of C$5.14B and a P/E of 9.38.

Air Canada (TSE:AC - Get Free Report) was downgraded by equities research analysts at Scotiabank from an "outperform" rating to a "sector perform" rating in a note issued to investors on Tuesday,BayStreet.CA reports. They presently have a C$21.00 price objective on the stock, down from their previous price objective of C$27.00. Scotiabank's target price points to a potential upside of 20.34% from the stock's previous close.

Several other analysts also recently commented on the stock. UBS Group upgraded shares of Air Canada to a "hold" rating in a report on Tuesday, November 18th. Raymond James Financial downgraded shares of Air Canada from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, February 17th. Royal Bank Of Canada set a C$25.00 price target on shares of Air Canada and gave the company an "outperform" rating in a report on Tuesday, November 25th. National Bank Financial upped their price target on shares of Air Canada from C$24.00 to C$25.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 17th. Finally, Canadian Imperial Bank of Commerce upped their target price on Air Canada from C$23.00 to C$24.00 in a research report on Wednesday, January 21st. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of C$24.42.

Air Canada Trading Down 1.9%

AC stock traded down C$0.33 during trading on Tuesday, hitting C$17.45. The company had a trading volume of 3,139,625 shares, compared to its average volume of 2,911,333. The company has a quick ratio of 1.06, a current ratio of 0.56 and a debt-to-equity ratio of 446.78. The firm has a 50-day moving average price of C$19.74 and a 200-day moving average price of C$19.06. Air Canada has a 12 month low of C$12.69 and a 12 month high of C$23.72. The stock has a market cap of C$5.14 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 0.02 and a beta of 1.56.

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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