Air Canada Gap Up Today Means Lower Risks Forward

 Air Canada Gap Up Today Means Lower Risks Forward

The stock of Air Canada (TSE:AC) gapped up by $0.32 today and has $18.65 target or 47.00% above today’s $12.69 share price. The 6 months technical chart setup indicates low risk for the $3.33 billion company. The gap was reported on Nov, 7 by Barchart.com. If the $18.65 price target is reached, the company will be worth $1.57 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.98M shares traded hands. Air Canada (TSE:AC) has risen 34.92% since April 1, 2016 and is uptrending. It has outperformed by 32.96% the S&P500.

Air Canada (TSE:AC) Ratings Coverage

Out of 7 analysts covering Air Canada (TSE:AC), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $22 is the highest target while $8.25 is the lowest. The $14.77 average target is 16.39% above today’s ($12.69) stock price. Air Canada has been the topic of 33 analyst reports since August 13, 2015 according to StockzIntelligence Inc. The stock of Air Canada (TSE:AC) earned “Buy” rating by TD Securities on Thursday, August 13. The company was initiated on Tuesday, June 28 by Canaccord Genuity. As per Friday, September 4, the company rating was maintained by Scotia Capital. National Bank Canada maintained Air Canada (TSE:AC) on Friday, October 14 with “Outperform” rating. The stock of Air Canada (TSE:AC) has “Underperform” rating given on Thursday, January 14 by Raymond James. Canaccord Genuity maintained it with “Buy” rating and $21 target price in Thursday, August 13 report. On Friday, November 6 the stock rating was maintained by National Bank Canada with “Outperform”. Scotia Capital downgraded Air Canada (TSE:AC) rating on Thursday, August 13. Scotia Capital has “Outperform” rating and $14 price target. IBC maintained Air Canada (TSE:AC) on Thursday, August 13 with “Outperform” rating.

More notable recent Air Canada (TSE:AC) news were published by: Business.Financialpost.com which released: “Air Canada’s 75% profit jump beats estimates as Canada’s biggest airline flies …” on November 07, 2016, also Reuters.com with their article: “BRIEF-Air Canada conference call” published on November 07, 2016, Fool.ca published: “This New Law Is Very Bad News for Air Canada and WestJet Airlines Ltd.” on November 07, 2016. More interesting news about Air Canada (TSE:AC) were released by: Cbc.ca and their article: “‘So frustrating’: How to complain about your airline and why the rules may change” published on November 06, 2016 as well as Bloomberg.com‘s news article titled: “Air Canada CEO Not Worried About Bombardier CSeries Order” with publication date: November 02, 2016.

Air Canada is a domestic, United States transborder and international airline company. The company has a market cap of $3.33 billion. The Firm is a well-known provider of scheduled passenger services in the Canadian market, the Canada-United States transborder market and in the international market to and from Canada. It has a 6.11 P/E ratio. The Company’s mainline operates a fleet of over 170 aircraft, including Airbus narrow-body aircraft, Boeing and Airbus wide-body aircraft, and Embraer 190 regional jets.

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