Air Canada (TSE:AC) Sets New 12-Month Low Following Analyst Downgrade

Air Canada (TSE:AC) shares hit a new 52-week low on Friday after BMO Capital Markets lowered their price target on the stock from C$31.00 to C$29.00. BMO Capital Markets currently has an outperform rating on the stock. Air Canada traded as low as C$13.62 and last traded at C$13.69, with a volume of 537812 shares traded. The stock had previously closed at C$13.99.

Several other brokerages have also recently issued reports on AC. Raymond James raised Air Canada to a “moderate buy” rating in a research report on Tuesday, December 17th. Cormark raised their price objective on Air Canada from C$26.75 to C$29.50 in a research report on Wednesday, December 18th. Jefferies Financial Group downgraded shares of Air Canada from a “hold” rating to an “underperform” rating and reduced their target price for the stock from C$18.00 to C$12.00 in a report on Tuesday, April 1st. CIBC cut their price objective on shares of Air Canada from C$28.00 to C$24.00 in a research report on Tuesday, February 18th. Finally, Citigroup decreased their target price on shares of Air Canada from C$28.50 to C$26.50 and set a “buy” rating for the company in a research report on Monday, December 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$24.67.

Insider Activity at Air Canada

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

Air Canada Trading Down 3.1 %

The firm has a market cap of C$4.83 billion, a PE ratio of 1.91, a price-to-earnings-growth ratio of 0.02 and a beta of 2.39. The company has a 50-day simple moving average of C$16.65 and a 200 day simple moving average of C$19.41. The company has a current ratio of 0.92, a quick ratio of 1.06 and a debt-to-equity ratio of 400.00.

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.