Air Canada downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Air Canada (ACDVF) to Neutral from Overweight with a price target of C$24, down from C$34. Fuel prices have “proven uncooperative” for the company, the U.S. dollar has further strengthened, and the political backdrop is causing Canadian consumers to rethink their leisure travel to U.S. sun destinations, the analyst tells investors in a research note. The firm says “this is on top of the fact that the Canadian fundamental construct isn’t as intriguing as that in the U.S. in the first place.”