The Globe and Mail reports in its Saturday, Jan. 13, edition that Raymond James analyst Ben Cherniavsky says WestJet Airlines ($25.34) is "poised to regain lost altitude." The Globe's David Leeder writes that Mr. Cherniavsky hiked WestJet to "outperform" from "market perform" and share target to $31 from $28. Mr. Cherniavsky says in a note: "The company's share price is 10 per cent below our last rating downgrade to 'market perform' almost three years ago, marking an extended period of both market and sector underperformance. Although we are mindful of the risks that remain, we believe there is now an opportunity for the stock to make up for some of this lost ground. Our upgrade does not represent a fundamental revision to our investment thesis, but rather a 'marking to market' of our call and a recalibration of expectations going forward. We believe that many of the concerns we have expressed over the past few years are now priced into the stock, which implies a value/contrarian case to be made for owning it. Despite the lingering questions regarding this company, it still boasts a long record of profitability, a strong balance sheet, and a considerable cost advantage against its biggest competitor."