Air Canada initiated with a Hold at Jefferies

Jefferies analyst Sheila Kahyaoglu initiated coverage of Air Canada with a Hold rating and C$20 price target. Air Canada is the country’s sole intercontinental airline with four core hubs in Toronto, Vancouver, Montreal, and Calgary, notes the analyst, who points out that cost efficiencies won’t materialize until after 2026 as the network restores and a narrowbody fleet refresh takes time.