Doerksen keeps Air Canada at "outperform" The Globe and Mail reports in its Friday edition that National Bank's Cameron Doerksen has reaffirmed his "outperform" recommendation for Air Canada. The Globe's David Leeder writes that Mr. Doerksen cut his share target to $28 from $30. Analysts on average target the shares at $29.63. Mr. Doerksen says in a note: "The Omicron wave is a setback to the rebound the company was experiencing through the late summer and into the fall and higher jet fuel prices will increase costs in the near term so we reduced our Q1/22 forecasts. However, we believe the worst of the Omicron impact is now over and we expect Air Canada to see a resumption of the travel rebound in Q2 and into the summer, which may accelerate if travel restrictions ease in Canada and international markets. Air Canada is also scheduled to hold an investor day in late March at which we expect the company to provide post-pandemic targets for margins, cash flows and leverage. Air Canada will report its Q4 results on February 18." The Globe reported on Nov. 2 that Scotiabank rated Air Canada "sector outperform" recommendation when it was worth $23.01. The Globe reported on Nov. 4 that ATB Capital kept Air Canada at "outperform." It was then worth $24.95.
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