Scotiabank Has Lowered Expectations for Air Canada (TSE:AC) Stock Price

Key Points

• Scotiabank lowered Air Canada’s price target from C$37.50 to C$33.00 while maintaining a “sector outperform” rating. The revised target still implies approximately 49.4% upside from the prior close.
• Analyst sentiment remains favorable, with seven Buy ratings and three Holds; the stock has a “Moderate Buy” consensus rating and an average price target of C$33.04.
• Air Canada shares fell 1.0% to C$22.09, below their 50-day moving average of C$27.36, while the company reported C$0.40 in quarterly EPS and C$6.27 billion in revenue.

Air Canada (TSE:AC - Get Free Report) had its price target reduced by equities researchers at Scotiabank from C$37.50 to C$33.00 in a report issued on Thursday, BayStreet reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's price target suggests a potential upside of 49.39% from the stock's previous close.

Several other equities analysts also recently commented on AC. National Bank Financial upped their price target on shares of Air Canada from C$29.00 to C$40.00 and gave the company an "outperform" rating in a report on Thursday, August 13th. Scotia raised their price objective on shares of Air Canada from C$33.50 to C$37.50 and gave the stock a "sector outperform" rating in a research note on Wednesday, August 19th. Canaccord Genuity Group dropped their target price on Air Canada from C$33.00 to C$29.00 and set a "hold" rating for the company in a research report on Thursday, October 8th. BMO Capital Markets boosted their target price on Air Canada from C$30.00 to C$37.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Finally, Canadian Imperial Bank of Commerce upped their target price on Air Canada from C$26.00 to C$40.00 in a research note on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$33.04.

Air Canada Trading Down 1.0%

TSE AC traded down C$0.22 on Thursday, hitting C$22.09. 1,670,717 shares of the stock were exchanged, compared to its average volume of 2,928,560. The company has a debt-to-equity ratio of 478.10, a quick ratio of 1.05 and a current ratio of 0.60. Air Canada has a 52-week low of C$16.45 and a 52-week high of C$31.45. The firm has a market capitalization of C$5.58 billion, a P/E ratio of 16.86, a P/E/G ratio of 0.02 and a beta of 1.86. The stock has a fifty day moving average price of C$27.36 and a two-hundred day moving average price of C$23.55.

Air Canada (TSE:AC - Get Free Report) last announced its earnings results 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%. Research analysts forecast that Air Canada will post 2.58 EPS 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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