RE:here come the downgrades... scotia 14.50 to 12TD reduced TP to $22 from $24. Their justification for staying relatively bullish: "Air Canadas results are demonstrating that its strategy is leading to a more competitive cost structure, improving ROIC, strong earnings, and a downward bias to financial leverage. We believe that as the company continues to execute its strategy, the market will more appropriately discount the improving quality of the business through higher valuation multiples, which should lead to additional longterm share price upside beyond our 12-month target price. These factors, combined with its very low valuation, support our ACTION LIST BUY recommendation."