Canaccord Genuity Group Has Lowered Expectations for Air Canada (TSE:AC) Stock Price

Key Points

• Canaccord Genuity Group cut Air Canada’s price target from C$33.00 to C$29.00 and maintained a “hold” rating, implying 20.43% upside from the prior close.
• Despite the downgrade, analyst sentiment remains broadly positive: seven analysts rate the stock a buy and three a hold, resulting in a “Moderate Buy” consensus and an average target of C$33.31.
• Air Canada shares fell 3.7% to C$24.08, while the company reported C$0.40 in quarterly earnings per share and C$6.27 billion in revenue; analysts expect fiscal-year EPS of approximately C$2.58.

Air Canada (TSE:AC - Get Free Report) had its target price dropped by equities research analysts at Canaccord Genuity Group from C$33.00 to C$29.00 in a report released on Thursday, BayStreet reports. The firm presently has a "hold" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 20.43% from the stock's previous close.

Several other equities analysts have also issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Air Canada from C$30.00 to C$38.00 and gave the company a "buy" rating in a report on Wednesday, August 19th. Royal Bank Of Canada lifted their target price on Air Canada from C$28.00 to C$37.00 and gave the stock an "outperform" rating in a report on Thursday, August 13th. Canadian Imperial Bank of Commerce boosted their target price on Air Canada from C$26.00 to C$40.00 in a research note on Friday, August 14th. Scotiabank upgraded Air Canada from a "hold" rating to a "sector outperform" rating and increased their price target for the stock from C$26.00 to C$33.50 in a report on Tuesday, August 11th. Finally, National Bank Financial raised their price target on Air Canada from C$29.00 to C$40.00 and gave the stock an "outperform" rating in a research report on Thursday, August 13th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$33.31.

Air Canada Trading Down 3.7%

Shares of Air Canada stock traded down C$0.92 during trading on Thursday, hitting C$24.08. 1,896,244 shares of the company were exchanged, compared to its average volume of 2,901,855. The company has a debt-to-equity ratio of 478.10, a current ratio of 0.60 and a quick ratio of 1.05. The firm has a market capitalization of C$6.09 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 0.02 and a beta of 1.86. The firm's fifty day moving average price is C$27.67 and its 200 day moving average price is C$23.38. Air Canada has a 1-year low of C$16.45 and a 1-year high of C$31.45.

Air Canada (TSE:AC - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported C$0.40 earnings per share for the quarter. The business had revenue of C$6.27 billion for the quarter. Air Canada had a net margin of 1.82% and a return on equity of 16.92%. As a group, sell-side analysts expect that Air Canada will post 2.5789474 earnings per share for the current fiscal year.

Air Canada Company Profile

Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Headquartered in Montréal, Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, with more than 10 million members worldwide. Members can earn or redeem points on the world's largest airline partner network of more than 50 airlines, plus through an extensive range of merchandise, hotel and car rental partners.

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