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Investing.com - TD Cowen has reiterated its Buy rating on Air Canada (TSX:AC) (OTC:ACDVF) with a price target of C$22.00 ahead of the airline’s third-quarter 2025 results, which are expected in early November.
The research firm expressed caution regarding Air Canada’s second-half 2025 outlook, citing industrial action in the previous quarter and challenging year-over-year comparisons expected in November and December.
TD Cowen noted that demand-related data for the airline presents a mixed picture, though specific metrics were not detailed in the analysis.
The investment firm anticipates that Air Canada’s upcoming earnings call will likely focus on the preliminary outlook for 2026, which represents an important indicator for the airline’s future performance.
While Air Canada faces more labor collective bargaining agreements to finalize in the first half of 2026, TD Cowen pointed out that management had previously expressed expectations for a favorable period from 2026 to 2028 during the company’s investor day.
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