Canadian Imperial Bank of Commerce Cuts Air Canada (TSE:AC) Price Target to C$22.00

Key Points

• Canadian Imperial Bank of Commerce cut its Air Canada price target from C$25.00 to C$22.00, implying about an 18.28% upside from the stock's previous close.
• Analyst views are mixed—five Buys and five Holds—with an average target of C$24.17; Air Canada traded near C$18.60 midday and sits in a 52‑week range of C$12.76–C$23.72 while carrying a very high debt‑to‑equity ratio (~446.8%).

Air Canada (TSE:AC - Get Free Report) had its target price reduced by Canadian Imperial Bank of Commerce from C$25.00 to C$22.00 in a report issued on Wednesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price target would indicate a potential upside of 18.28% from the stock's previous close.

Several other research firms also recently commented on AC. Canaccord Genuity Group downgraded shares of Air Canada from a "buy" rating to a "hold" rating and dropped their price objective for the company from C$28.00 to C$21.00 in a report on Friday, March 13th. Stifel Nicolaus increased their price objective on shares of Air Canada from C$24.00 to C$28.00 and gave the company a "buy" rating in a report on Tuesday, February 17th. Scotiabank downgraded shares of Air Canada from an "outperform" rating to a "hold" rating and dropped their price objective for the company from C$27.00 to C$21.00 in a report on Tuesday, March 10th. BMO Capital Markets dropped their price objective on shares of Air Canada from C$27.00 to C$26.00 in a report on Tuesday, March 31st. Finally, Raymond James Financial downgraded shares of Air Canada from a "moderate buy" rating to a "hold" rating in a report on Tuesday, February 17th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of C$24.17.

Air Canada Price Performance

Shares of AC traded up C$0.64 during midday trading on Wednesday, hitting C$18.60. 4,608,600 shares of the company traded hands, compared to its average volume of 3,065,619. The firm has a 50 day moving average of C$19.02 and a 200-day moving average of C$18.85. Air Canada has a 52 week low of C$12.76 and a 52 week high of C$23.72. The stock has a market cap of C$5.48 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 0.02 and a beta of 1.56. The company has a debt-to-equity ratio of 446.78, a quick ratio of 1.06 and a current ratio of 0.56.

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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