JPMorgan Chase & Co. Downgrades Air Canada (TSE:AC) to Neutral

Air Canada (TSE:AC) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Monday,BayStreet.CA reports. They currently have a C$24.00 price objective on the stock, down from their previous price objective of C$34.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 49.35% from the company’s previous close.

A number of other brokerages have also recently issued reports on AC. Stifel Nicolaus lowered their price objective on Air Canada from C$28.00 to C$26.00 in a research note on Tuesday, February 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. CIBC dropped their price objective on Air Canada from C$28.00 to C$24.00 in a research report on Tuesday, February 18th. Stifel Canada raised shares of Air Canada from a “hold” rating to a “strong-buy” rating in a report on Sunday, November 3rd. Finally, Canaccord Genuity Group raised their target price on shares of Air Canada from C$25.00 to C$29.00 in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$25.20.

Air Canada Stock Performance

Shares of Air Canada stock opened at C$16.07 on Monday. Air Canada has a 12 month low of C$14.47 and a 12 month high of C$26.18. The firm has a market capitalization of C$5.73 billion, a P/E ratio of 2.26, a P/E/G ratio of 0.02 and a beta of 2.39. The company has a current ratio of 0.92, a quick ratio of 1.06 and a debt-to-equity ratio of 400.00. The business has a fifty day simple moving average of C$19.56 and a two-hundred day simple moving average of C$19.42.

Insider Activity

In related news, Senior Officer Arielle Meloul-Wechsler sold 6,000 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of C$21.71, for a total value of C$130,246.80. Also, Director Vagn Sorensen acquired 11,440 shares of the stock in a transaction dated Wednesday, February 19th. The shares were bought at an average price of C$17.40 per share, with a total value of C$199,057.14. 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.