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

Air Canada (TSE:AC) had its price target decreased by Scotiabank from C$25.00 to C$21.00 in a research report released on Wednesday,BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock.

Several other analysts have also weighed in on AC. ATB Capital raised their price objective on shares of Air Canada from C$28.00 to C$31.00 and gave the stock an “outperform” rating in a report on Wednesday, December 18th. Jefferies Financial Group downgraded Air Canada from a “hold” rating to an “underperform” rating and cut their price objective for the company from C$18.00 to C$12.00 in a research report on Tuesday, April 1st. Stifel Nicolaus reduced their price objective on Air Canada from C$28.00 to C$26.00 in a research note on Tuesday, February 18th. JPMorgan Chase & Co. lowered Air Canada from an “overweight” rating to a “neutral” rating and lowered their target price for the company from C$34.00 to C$24.00 in a research note on Monday, March 3rd. Finally, Citigroup reduced their price target on shares of Air Canada from C$28.50 to C$26.50 and set a “buy” rating on the stock in a research report on Monday, December 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Air Canada presently has an average rating of “Moderate Buy” and a consensus target price of C$24.13.

Air Canada Price Performance

TSE AC traded down C$0.99 during trading on Wednesday, reaching C$13.15. 2,255,428 shares of the company traded hands, compared to its average volume of 3,498,298. Air Canada has a 1-year low of C$12.69 and a 1-year high of C$26.18. The company has a market cap of C$4.69 billion, a price-to-earnings ratio of 1.85, a P/E/G ratio of 0.02 and a beta of 2.39. The stock’s 50 day moving average price is C$16.00 and its two-hundred day moving average price is C$19.31. The company has a debt-to-equity ratio of 400.00, a quick ratio of 1.06 and a current ratio of 0.92.

Insiders Place Their Bets

In other Air Canada news, Senior Officer Craig Landry bought 7,909 shares of Air Canada stock in a transaction on Monday, March 31st. The shares were purchased at an average cost of C$13.99 per share, for a total transaction of C$110,646.91. Also, Director Vagn Sorensen acquired 11,440 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were acquired at an average price of C$17.40 per share, for a total transaction of C$199,057.14. Over the last quarter, insiders have purchased 32,993 shares of company stock worth $538,251. Insiders own 0.14% of the company’s stock.

About Air Canada

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.