CIBC Lowers Cargojet (TSE:CJT) Price Target to C$132.00

Key Points

• CIBC has reduced Cargojet's price target from C$142.00 to C$132.00, indicating a potential upside of 48.03% based on the stock's previous close.
• Other analysts have also lowered their price targets for Cargojet, with ATB Capital and Acumen Capital setting targets at C$145.00 and C$170.00 respectively, while the consensus rating for the stock remains a "Buy".
• As of Wednesday, Cargojet shares traded at C$89.17, significantly below its 12 month high of C$144.97, highlighting recent market challenges faced by the company.

Cargojet (TSE:CJT - Get Free Report) had its price target lowered by CIBC from C$142.00 to C$132.00 in a report issued on Wednesday,BayStreet.CA reports. CIBC's target price points to a potential upside of 48.03% from the stock's previous close.

CJT has been the topic of a number of other reports. ATB Capital lowered their price target on Cargojet from C$155.00 to C$145.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Acumen Capital lowered their price target on Cargojet from C$175.00 to C$170.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Raymond James Financial set a C$132.00 price target on Cargojet and gave the company an "outperform" rating in a research report on Friday, September 5th. Stifel Canada upgraded Cargojet to a "strong-buy" rating in a research report on Wednesday, June 11th. Finally, Desjardins set a C$149.00 price objective on Cargojet and gave the stock a "buy" rating in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. According to MarketBeat.com, Cargojet presently has a consensus rating of "Buy" and an average price target of C$145.29.

Cargojet Stock Performance

Shares of CJT traded down C$0.79 on Wednesday, reaching C$89.17. 47,433 shares of the stock traded hands, compared to its average volume of 85,431. The stock's 50-day moving average price is C$99.03 and its 200-day moving average price is C$93.80. Cargojet has a 12 month low of C$69.60 and a 12 month high of C$144.97. The firm has a market cap of C$1.35 billion, a price-to-earnings ratio of 9.89 and a beta of 0.99. The company has a debt-to-equity ratio of 98.69, a current ratio of 0.56 and a quick ratio of 0.79.

About Cargojet

Cargojet Inc operates a domestic air cargo co-load network between sixteen major Canadian cities. The company provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance and Insurance basis, operating between points in Canada, USA, Mexico and Europe. The company also operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, UK and Germany; and between Canada and Mexico.

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