Cormark Equities Analysts Cut Earnings Estimates for Air Canada (TSE:AC)

Air Canada (TSE:AC) – Analysts at Cormark cut their Q2 2024 earnings estimates for shares of Air Canada in a research report issued on Tuesday, July 23rd. Cormark analyst D. Ocampo now anticipates that the company will post earnings per share of $0.96 for the quarter, down from their prior estimate of $1.36. The consensus estimate for Air Canada’s current full-year earnings is $3.19 per share. Cormark also issued estimates for Air Canada’s Q3 2024 earnings at $2.23 EPS, Q4 2024 earnings at ($0.37) EPS, FY2024 earnings at $2.55 EPS, Q1 2025 earnings at $0.03 EPS, Q2 2025 earnings at $0.83 EPS, Q3 2025 earnings at $2.48 EPS, Q4 2025 earnings at ($0.35) EPS, FY2025 earnings at $2.99 EPS and FY2026 earnings at $2.79 EPS.

Other analysts have also issued reports about the company. BMO Capital Markets lowered their price target on Air Canada from C$33.00 to C$28.00 and set an “outperform” rating on the stock in a research note on Wednesday. Scotiabank lowered their target price on shares of Air Canada from C$27.00 to C$21.00 and set an “outperform” rating on the stock in a research note on Wednesday. Raymond James reduced their target price on shares of Air Canada from C$28.00 to C$22.00 and set an “outperform” rating for the company in a research report on Tuesday. TD Securities lowered their price target on shares of Air Canada from C$25.00 to C$19.00 in a research report on Wednesday. Finally, CIBC cut their price objective on shares of Air Canada from C$28.00 to C$25.00 and set an “outperform” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of C$25.52.

Air Canada Price Performance

TSE:AC opened at C$16.15 on Friday. The stock has a 50 day moving average of C$17.57 and a two-hundred day moving average of C$18.37. Air Canada has a 12 month low of C$15.93 and a 12 month high of C$24.94. The firm has a market cap of C$5.79 billion, a P/E ratio of 2.80, a price-to-earnings-growth ratio of 0.02 and a beta of 2.40. The company has a current ratio of 0.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1,767.66.

Air Canada (TSE:AC) last released its earnings results on Thursday, May 2nd. The company reported C($0.27) EPS for the quarter, missing analysts’ consensus estimates of C($0.15) by C($0.12). The firm had revenue of C$5.23 billion for the quarter, compared to analyst estimates of C$5.13 billion.

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.