Cormark Has Negative Outlook for Air Canada FY2024 Earnings

Air Canada (TSE:AC) – Equities researchers at Cormark lowered their FY2024 earnings per share estimates for shares of Air Canada in a research report issued on Wednesday, December 18th. Cormark analyst D. Ocampo now anticipates 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 equities research analysts have also recently weighed in on AC. Scotiabank raised their price target on Air Canada from C$26.50 to C$29.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. BMO Capital Markets upped their price objective on Air Canada from C$29.00 to C$31.00 in a report on Wednesday, December 18th. Raymond James raised Air Canada to a “moderate buy” rating in a research note on Tuesday, December 17th. Stifel Nicolaus upped their price target on Air Canada from C$25.50 to C$28.00 and gave the company a “buy” rating in a research note on Friday. Finally, Jefferies Financial Group lifted their price objective on Air Canada from C$18.00 to C$22.00 in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Air Canada currently has an average rating of “Moderate Buy” and a consensus target price of C$26.67.

Air Canada Price Performance

Air Canada stock opened at C$22.06 on Monday. The business has a 50 day simple moving average of C$22.25 and a 200 day simple moving average of C$18.53. The company has a debt-to-equity ratio of 1,070.99, a current ratio of 0.85 and a quick ratio of 1.06. 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. Air Canada has a one year low of C$14.47 and a one year high of C$26.18.

Insider Activity

In related news, Senior Officer Arielle Meloul-Wechsler sold 6,000 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of C$21.71, for a total transaction of C$130,246.80. 0.14% of the stock is owned by corporate insiders.

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.