Royal Bank of Canada Cuts Air Canada (TSE:AC) Price Target to C$16.00

Air Canada (TSE:AC) had its price objective reduced by equities research analysts at Royal Bank of Canada from C$20.00 to C$16.00 in a report issued on Wednesday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 14.53% from the company’s current price.

AC has been the subject of a number of other reports. Raymond James raised shares of Air Canada to a “moderate buy” rating in a report on Tuesday, December 17th. Scotiabank dropped their price objective on shares of Air Canada from C$25.00 to C$21.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. National Bankshares decreased their target price on shares of Air Canada from C$27.00 to C$23.00 in a research report on Thursday, April 10th. Jefferies Financial Group lowered Air Canada from a “hold” rating to an “underperform” rating and dropped their price target for the stock from C$18.00 to C$12.00 in a research report on Tuesday, April 1st. Finally, BMO Capital Markets decreased their price objective on Air Canada from C$31.00 to C$29.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$23.63.

Air Canada Price Performance

Shares of Air Canada stock opened at C$13.97 on Wednesday. The firm has a market cap of C$4.98 billion, a PE ratio of 1.97, a PEG ratio of 0.02 and a beta of 2.39. The stock has a 50 day moving average of C$15.48 and a 200 day moving average of C$19.19. The company has a current ratio of 0.92, a quick ratio of 1.06 and a debt-to-equity ratio of 400.00. Air Canada has a 12 month low of C$12.69 and a 12 month high of C$26.18.

Insider Activity

In other news, Director Vagn Sorensen acquired 11,440 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was purchased at an average cost of C$17.40 per share, for a total transaction of C$199,057.14. Also, Senior Officer Craig Landry acquired 7,909 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was acquired at an average cost of C$13.99 per share, with a total value of C$110,646.91. Over the last ninety days, insiders purchased 32,993 shares of company stock valued at $538,251. 0.14% of the stock is currently owned by company 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.