Air Canada (TSE:AC) Price Target Cut to C$21.00 by Analysts at CIBC

Air Canada (TSE:AC) had its target price dropped by CIBC from C$24.00 to C$21.00 in a research note issued to investors on Thursday,BayStreet.CA reports. CIBC’s price target points to a potential upside of 59.45% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Raymond James raised shares of Air Canada to a “moderate buy” rating in a report on Tuesday, December 17th. Jefferies Financial Group cut Air Canada from a “hold” rating to an “underperform” rating and lowered their price objective for the company from C$18.00 to C$12.00 in a research report on Tuesday, April 1st. JPMorgan Chase & Co. lowered Air Canada from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from C$34.00 to C$24.00 in a report on Monday, March 3rd. Scotiabank dropped their price objective on Air Canada from C$25.00 to C$21.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, ATB Capital upped their target price on shares of Air Canada from C$28.00 to C$31.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Air Canada has a consensus rating of “Moderate Buy” and an average price target of C$23.67.

Air Canada Stock Down 6.9 %

Shares of TSE:AC traded down C$0.97 on Thursday, hitting C$13.17. 2,700,145 shares of the company traded hands, compared to its average volume of 3,511,413. The company has a market cap of C$4.70 billion, a PE ratio of 1.85, a PEG ratio of 0.02 and a beta of 2.39. The stock has a 50 day simple moving average of C$16.00 and a 200-day simple moving average of C$19.31. Air Canada has a 52 week low of C$12.69 and a 52 week high of C$26.18. The company has a quick ratio of 1.06, a current ratio of 0.92 and a debt-to-equity ratio of 400.00.

Insider Buying and Selling

In other news, Director Vagn Sorensen bought 11,440 shares of the stock in a transaction dated Wednesday, February 19th. The stock was purchased at an average price of C$17.40 per share, for a total transaction of C$199,057.14. Also, Senior Officer Craig Landry purchased 7,909 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The shares were purchased at an average price of C$13.99 per share, for a total transaction of C$110,646.91. In the last ninety days, insiders bought 32,993 shares of company stock valued at $538,251. 0.14% of the stock is owned by corporate insiders.

Air Canada Company Profile

Air Canada provides domestic, U.S. transborder, and international airline services. The company provides scheduled passenger services under the Air Canada Vacations and Air Canada Rouge brand names in the Canadian market, the Canada-U.S. transborder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers.