Air Canada (TSE:AC) Given New C$24.00 Price Target at Canaccord Genuity Group

Air Canada (TSE:AC) had its target price dropped by Canaccord Genuity Group from C$29.00 to C$24.00 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 73.16% from the stock’s previous close.

A number of other analysts also recently weighed in on AC. Jefferies Financial Group downgraded shares of Air Canada from a “hold” rating to an “underperform” rating and decreased their price target for the stock from C$18.00 to C$12.00 in a research report on Tuesday, April 1st. Cormark increased their price target on shares of Air Canada from C$26.75 to C$29.50 in a research report on Wednesday, December 18th. BMO Capital Markets lowered their price objective on Air Canada from C$31.00 to C$29.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. JPMorgan Chase & Co. downgraded 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. Finally, CIBC reduced their price objective on Air Canada from C$24.00 to C$21.00 in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Air Canada currently has a consensus rating of “Moderate Buy” and a consensus price target of C$23.69.

Air Canada Stock Down 1.4 %

Shares of Air Canada stock traded down C$0.19 during trading hours on Tuesday, hitting C$13.86. 1,760,497 shares of the company’s stock traded hands, compared to its average volume of 3,510,686. The company has a market cap of C$4.94 billion, a PE ratio of 1.95, a PEG ratio of 0.02 and a beta of 2.39. Air Canada has a twelve month low of C$12.69 and a twelve month 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. The stock has a 50 day simple moving average of C$15.72 and a 200-day simple moving average of C$19.28.

Insider Buying and Selling

In other news, Senior Officer Craig Landry bought 13,644 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of C$16.75 per share, with a total value of C$228,546.55. Also, Director Vagn Sorensen purchased 11,440 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were purchased at an average cost of C$17.40 per share, with a total value of C$199,057.14. Insiders purchased 32,993 shares of company stock valued at $538,251 over the last 90 days. 0.14% of the stock is currently owned by company insiders.

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.