Air Canada price target lowered to C$17 from C$22 at Jefferies

Jefferies lowered the firm’s price target on Air Canada (ACDVF) to C$17 from C$22 and keeps a Hold rating on the shares. Jet fuel prices are up about 50% from the January average when U.S. airlines initiated guidance, notes the analyst, who updated the firm’s airline estimates. On average, the firm raised its Q1 fuel cost estimates by about 14% and Q2 by about 30%, but given the volatility, it currently assumes second half fuel prices revert toward pre-conflict levels, the analyst tells investors.