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

Air Canada (TSE:AC) had its target price reduced by analysts at Canadian Imperial Bank of Commerce from C$25.00 to C$22.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s price objective would indicate a potential upside of 18.28% from the stock’s previous close.

A number of other brokerages also recently commented on AC. Canaccord Genuity Group downgraded shares of Air Canada from a “buy” rating to a “hold” rating and dropped their target price for the stock from C$28.00 to C$21.00 in a research note on Friday, March 13th. BMO Capital Markets dropped their price objective on shares of Air Canada from C$27.00 to C$26.00 in a research note on Tuesday, March 31st. 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 research note on Tuesday, February 17th. Jefferies Financial Group increased their price objective on shares of Air Canada from C$17.00 to C$19.00 in a research note on Tuesday, March 31st. Finally, 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 research note on Tuesday, March 10th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$24.17.

Air Canada Trading Up 3.6%

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

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.