Cormark Has Pessimistic View of Air Canada FY2024 Earnings

Air Canada (TSE:AC) – Stock analysts at Cormark lowered their FY2024 EPS estimates for shares of Air Canada in a report issued on Wednesday, December 18th. Cormark analyst D. Ocampo now forecasts that the company will post earnings per share of $3.53 for the year, down from their prior estimate of $3.61. The consensus estimate for Air Canada’s current full-year earnings is $2.58 per share. Cormark also issued estimates for Air Canada’s Q4 2024 earnings at $0.18 EPS, Q1 2025 earnings at ($0.14) EPS, Q2 2025 earnings at $0.75 EPS, Q3 2025 earnings at $1.84 EPS, Q4 2025 earnings at ($0.18) EPS, FY2025 earnings at $2.27 EPS and FY2026 earnings at $2.61 EPS.

A number of other brokerages have also weighed in on AC. Jefferies Financial Group increased their target price on Air Canada from C$18.00 to C$22.00 in a research note on Tuesday, November 5th. Stifel Canada upgraded Air Canada from a “hold” rating to a “strong-buy” rating in a research report on Sunday, November 3rd. JPMorgan Chase & Co. increased their price target on shares of Air Canada from C$32.00 to C$34.00 in a research report on Monday, November 4th. Citigroup upped their price objective on Air Canada from C$21.00 to C$28.50 in a research report on Monday, November 18th. Finally, ATB Capital raised 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 report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$26.67.

Air Canada Trading Up 0.5 %

Shares of AC stock opened at C$22.06 on Monday. Air Canada has a 12-month low of C$14.47 and a 12-month high of C$26.18. The company has a market capitalization of C$7.91 billion, a PE ratio of 4.92, a price-to-earnings-growth ratio of 0.02 and a beta of 2.39. The firm has a 50 day moving average price of C$22.25 and a two-hundred day moving average price of C$18.53. The company has a quick ratio of 1.06, a current ratio of 0.85 and a debt-to-equity ratio of 1,070.99.

Insider Buying and Selling at Air Canada

In other news, Senior Officer Arielle Meloul-Wechsler sold 6,000 shares of Air Canada stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of C$21.71, for a total transaction of C$130,246.80. 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.