Notwithstanding chaos in airports, economic uncertainty, and the threat of ever-higher fuel prices, the outlook for Air Canada shares is still attractive, an industry analyst told clients Wednesday.
In a report, Savanthi Syth at Raymond James lowered her earnings forecasts for Canada's largest airline and also cut her price target to $23.00 per share from $30.00. However, she maintained her outperform recommendation ."While we acknowledge that it will be difficult for shares to outperform until street estimates reset lower, we believe the risk-reward is compelling at current levels, particularly given Air Canada’s strong liquidity position," she wrote.
"While Air Canada appears to have staffed well ahead of the summer travel season, staffing issues at airports and related agencies exacerbated challenging weather conditions," she wrote.However, it's not just Canadian airlines that have been struggling. Indeed, major U.S. carrier Delta Air Lines Inc. has seen its stock price sink almost 29 per cent since the end of May.
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