Scotiabank Issues Pessimistic Forecast for Air Canada (TSE:AC) Stock Price

Key Points

• Scotiabank has lowered its price target for Air Canada from C$27.00 to C$26.00 while maintaining an "outperform" rating, indicating a 35.49% potential upside from the previous close.
• Air Canada currently holds an average rating of "Moderate Buy" among analysts with a consensus price target of C$25.57, with most analysts showing positive sentiments towards the stock despite some variations in price targets.
• As of now, Air Canada’s share price traded at C$19.19, with a notable debt-to-equity ratio of 400.00 and significant fluctuations over the past year, reaching a high of C$26.18.

Air Canada (TSE:AC - Get Free Report) had its price objective cut by investment analysts at Scotiabank from C$27.00 to C$26.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Scotiabank's target price would suggest a potential upside of 35.49% from the company's previous close.

AC has been the subject of several other reports. Raymond James Financial upped their target price on Air Canada from C$24.00 to C$27.00 and gave the stock a "moderate buy" rating in a research note on Tuesday, July 22nd. National Bankshares upped their price objective on shares of Air Canada from C$24.00 to C$26.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Royal Bank Of Canada dropped their target price on shares of Air Canada from C$27.00 to C$25.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 20th. Canaccord Genuity Group upped their price target on shares of Air Canada from C$27.00 to C$28.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, ATB Capital raised their price target on shares of Air Canada from C$31.00 to C$32.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Air Canada has an average rating of "Moderate Buy" and a consensus price target of C$25.57.

Air Canada Price Performance

Shares of TSE:AC traded up C$0.12 during trading on Wednesday, reaching C$19.19. 983,533 shares of the company's stock traded hands, compared to its average volume of 3,389,922. The company has a quick ratio of 1.06, a current ratio of 0.92 and a debt-to-equity ratio of 400.00. Air Canada has a fifty-two week low of C$12.69 and a fifty-two week high of C$26.18. The company has a 50-day simple moving average of C$20.48 and a 200-day simple moving average of C$17.78. The firm has a market cap of C$5.68 billion, a PE ratio of 4.86, a P/E/G ratio of 0.02 and a beta of 1.73.

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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