Jefferies upgraded Air Canada (ACDVF) to Hold from Underperform with a price target of C$18, up from C$12. Air Canada did well in Q1 to “navigate the macro noise echoing across the border,” while the capacity and cost actions give comfort to management’s control over achieving the FY25 guide, notes the analyst, whose FY25 EBITDA estimate of $3.48B is near the top-end of the company’s reduced $3.2B-$3.6B guidance range.
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