Cormark Has Negative Outlook of Air Canada FY2024 Earnings

Air Canada (TSE:AC) – Analysts at Cormark reduced their FY2024 earnings per share estimates for Air Canada in a research report issued to clients and investors on Wednesday, December 18th. Cormark analyst D. Ocampo now forecasts that the company will post earnings of $3.53 per share 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. Raymond James raised Air Canada to a “moderate buy” rating in a report on Tuesday, December 17th. BMO Capital Markets lifted their price target on Air Canada from C$29.00 to C$31.00 in a report on Wednesday, December 18th. TD Cowen upped their price target on shares of Air Canada to C$25.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Stifel Canada raised shares of Air Canada from a “hold” rating to a “strong-buy” rating in a research note on Sunday, November 3rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Air Canada from C$32.00 to C$34.00 in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Air Canada presently has a consensus rating of “Moderate Buy” and an average target price of C$26.67.

Air Canada Stock Performance

Shares of TSE:AC opened at C$22.24 on Monday. 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 business’s fifty day moving average price is C$22.34 and its two-hundred day moving average price is C$18.56. Air Canada has a fifty-two week low of C$14.47 and a fifty-two week high of C$26.18. The stock has a market capitalization of C$7.97 billion, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 0.02 and a beta of 2.39.

Insider Buying and Selling at Air Canada

In other news, Senior Officer Arielle Meloul-Wechsler sold 6,000 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of C$21.71, for a total value of C$130,246.80. Company 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.