ATB Cormark Capital Markets Cuts Air Canada (TSE:AC) Price Target to C$32.00

Key Points

• ATB Cormark cut its Air Canada price target from C$33.00 to C$32.00 while maintaining an "outperform" rating, implying a reported potential upside of 77.68% from the prior close.
• Analyst consensus is a "Moderate Buy" with a consensus price target of C$23.50; five analysts rate the stock a Buy and five rate it a Hold, versus the stock trading around C$18.01 mid-day.
• Key fundamentals: market cap roughly C$5.30 billion, PE of 9.68, and a very high leverage with a reported debt-to-equity of 446.78; 52-week range is C$13.73–C$23.72.

Air Canada (TSE:AC - Get Free Report) had its price objective lowered by analysts at ATB Cormark Capital Markets from C$33.00 to C$32.00 in a report issued on Wednesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. ATB Cormark Capital Markets' price objective would suggest a potential upside of 77.68% from the company's previous close.

Other analysts have also recently issued research reports about the company. Canaccord Genuity Group cut Air Canada from a "buy" rating to a "hold" rating and cut their target price for the stock from C$28.00 to C$21.00 in a research report on Friday, March 13th. Jefferies Financial Group increased their price objective on shares of Air Canada from C$17.00 to C$19.00 in a report on Tuesday, March 31st. Raymond James Financial cut shares of Air Canada from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, February 17th. TD dropped their target price on shares of Air Canada from C$23.00 to C$21.00 in a research report on Monday, April 20th. Finally, BMO Capital Markets cut their target price on shares of Air Canada from C$27.00 to C$26.00 in a research note on Tuesday, March 31st. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of C$23.50.

Air Canada Stock Performance

Shares of TSE:AC traded down C$0.03 during mid-day trading on Wednesday, reaching C$18.01. 2,646,411 shares of the company traded hands, compared to its average volume of 3,064,170. The company's 50 day moving average price is C$18.62 and its 200-day moving average price is C$18.90. The firm has a market cap of C$5.30 billion, a PE ratio of 9.68, a PEG ratio of 0.02 and a beta of 1.56. The company has a debt-to-equity ratio of 446.78, a current ratio of 0.56 and a quick ratio of 1.06. Air Canada has a 52 week low of C$13.73 and a 52 week high of C$23.72.

Air Canada Company Profile

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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