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Air Canada ( (TSE:AC) ) just unveiled an update.
Air Canada announced the preliminary results of its substantial issuer bid, aiming to purchase and cancel up to $500 million of its shares. The company expects to acquire 26,595,744 shares at $18.80 each, totaling approximately $500 million and representing 8.24% of its outstanding shares. The offer was oversubscribed, leading to a proration of shares purchased, with shareholders expected to have about 99.14% of their validly deposited shares bought by Air Canada. This move is likely to impact the company’s share structure and market positioning.
The most recent analyst rating on (TSE:AC) stock is a Buy with a C$28.00 price target. To see the full list of analyst forecasts on Air Canada stock, see the TSE:AC Stock Forecast page.
Spark’s Take on TSE:AC Stock
According to Spark, TipRanks’ AI Analyst, TSE:AC is a Outperform.
Air Canada’s stock is rated at 73, reflecting strong financial recovery and attractive valuation. The positive trajectory in revenue and profitability is tempered by high leverage and overbought technical indicators. The cautious outlook from the earnings call, amid market uncertainties, suggests moderate growth prospects. Overall, while the stock presents opportunities, investors should remain mindful of the financial risks and market dynamics.
To see Spark’s full report on TSE:AC stock, click here.
More about Air Canada
Air Canada is a major Canadian airline providing passenger and cargo air transportation services. It operates within the aviation industry, focusing on both domestic and international markets.
YTD Price Performance: -18.44%
Average Trading Volume: 3,574,992
Technical Sentiment Signal: Sell
Current Market Cap: C$6.42B
For a thorough assessment of AC stock, go to TipRanks’ Stock Analysis page.