Scotiabank Has Optimistic View of Air Canada FY2024 Earnings

Air Canada (TSE:AC) – Equities researchers at Scotiabank boosted their FY2024 EPS estimates for shares of Air Canada in a note issued to investors on Wednesday, January 8th. Scotiabank analyst K. Gupta now expects that the company will post earnings of $3.50 per share for the year, up from their previous forecast of $2.63. Scotiabank has a “Outperform” rating and a $29.00 price target on the stock. The consensus estimate for Air Canada’s current full-year earnings is $2.58 per share. Scotiabank also issued estimates for Air Canada’s FY2025 earnings at $2.04 EPS.

Several other analysts have also recently issued reports on AC. Cormark upped their price target on shares of Air Canada from C$26.75 to C$29.50 in a report on Wednesday, December 18th. ATB Capital upped 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 note on Wednesday, December 18th. Citigroup decreased their price target on Air Canada from C$28.50 to C$26.50 and set a “buy” rating for the company in a research note on Monday, December 30th. BMO Capital Markets upped their price objective on Air Canada from C$29.00 to C$31.00 in a research note on Wednesday, December 18th. Finally, Jefferies Financial Group lifted their target price on Air Canada from C$22.00 to C$23.00 in a research report on Monday. Two equities research 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, Air Canada has an average rating of “Moderate Buy” and a consensus target price of C$26.60.

Air Canada Stock Up 1.3 %

Shares of TSE AC opened at C$22.01 on Friday. The company has a debt-to-equity ratio of 1,070.99, a quick ratio of 1.06 and a current ratio of 0.85. Air Canada has a 1 year low of C$14.47 and a 1 year high of C$26.18. The stock’s 50-day simple moving average is C$23.46 and its 200-day simple moving average is C$18.97. The firm has a market cap of C$7.89 billion, a price-to-earnings ratio of 4.91, a PEG ratio of 0.02 and a beta of 2.39.

Insider Buying and Selling

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