Air Canada (AC) Trading Down 4.1%

Shares of Air Canada (TSE:AC) dropped 4.1% during trading on Wednesday . The stock traded as low as C$23.53 and last traded at C$24.51. Approximately 2,617,894 shares were traded during trading, an increase of 87% from the average daily volume of 1,398,610 shares. The stock had previously closed at C$25.56.

AC has been the subject of several research analyst reports. TD Securities lifted their target price on shares of Air Canada from C$34.00 to C$36.00 and gave the stock an “action list buy” rating in a report on Thursday, October 26th. CIBC lifted their target price on shares of Air Canada from C$20.50 to C$23.00 in a report on Friday, July 7th. Royal Bank Of Canada lifted their target price on shares of Air Canada from C$25.00 to C$26.00 and gave the stock a “top pick” rating in a report on Wednesday, August 2nd. BMO Capital Markets reaffirmed an “outperform” rating and set a C$34.00 target price on shares of Air Canada in a report on Wednesday, September 20th. Finally, Canaccord Genuity lifted their target price on shares of Air Canada from C$31.00 to C$33.00 and gave the stock a “buy” rating in a report on Monday, October 23rd. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of C$31.05.

In other news, insider Kevin C. Howlett sold 30,769 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of C$22.00, for a total value of C$676,918.00. Also, Director Calin Rovinescu sold 925,481 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of C$20.72, for a total transaction of C$19,175,966.32. Insiders have sold 1,001,939 shares of company stock valued at $20,827,620 in the last quarter.

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Air Canada Company Profile

Air Canada provides the U.S. transbonder and international airline services. The company offers scheduled passenger services under the Air Canada Express brand name in the Canadian market, the Canada-U.S. transbonder market, and in the international market to and from Canada, as well as through capacity purchase agreements on other regional carriers.

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