Copa Holdings price target lowered to $125 from $130 at TD Cowen

TD Cowen lowered the firm’s price target on Copa Holdings to $125 from $130 and keeps an Outperform rating on the shares. The firm said they reported 2Q results slightly above estimates and well above consensus. Management reiterated their 2023 expectation for capacity growth and adjusted EBIT margins but the team has a conservative view on 2H23 given the recent jump in jet fuel prices and the pressure on yields from capacity growth in its markets.