The Globe and Mail reports in its Thursday edition that Canaccord analyst Doug Taylor says Air Canada ($25.84) laid out a "strong argument for continued outperformance" at its Investor Day on Tuesday. The Globe's David Leeder writes in the Eye On Equities column that Mr. Taylor says new financial targets for 2018 through 2020 provide medium-term visibility, including earnings before interest, taxes, depreciation, amortization and restructuring margins of 17 per cent and 20 per cent, return on invested capital of 13 per cent and 16 per cent, and cumulative free cash flow of $2-billion to $3-billion. Mr. Taylor says EBITDAR margin targets, and cash flow and debt reduction targets match Street expectations. He says in a note: "As we think was anticipated, the company provided some qualitative colour around the loyalty program repatriation and some other financial metrics, including a lighter-than-expected up-front cost ($85-million). The company refrained from specific annual benefits, saying only that it believes this internalization program alone should largely erase 300 basis points margin gap versus U.S. peers." Mr. Taylor rates the shares "buy," with a $31 share target, $2.18 below the consensus.