The Globe and Mail reports in its Tuesday, April 25, edition that Scotia Capital analyst Konark Gupta has reaffirmed his "sector outperform" ranking for Air Canada. The Globe's David Leeder writes that Mr. Gupta bumped his share target ahead by $2 to $29. Analysts on average target the shares at $26.06. Mr. Kornack calls Air Canada his "top contrarian pick." He notes that Canadian air travel demand has been better than expected thus far in 2023. As well, he says he is expecting a "significant" pullback in jet fuel prices. Mr. Kornack says in a note: "Although our revised EBITDA estimates are still below the top-end of the guidance ranges, we now think guidance could prove conservative, especially as Air Canada's fuel price assumption is looking quite high. Our improved fundamental outlook makes Air Canada's 2024 valuation even more attractive at 3.1 times EV/EBITDAR, which is at a wider-than-historical discount to U.S. comps. ... Air Canada remains our top pick as we believe air travel demand will sustain for longer relative to other areas, competition is stable or lessening rather than increasing, and margins should expand in the near term given the lag effect and stickiness in yields vs. falling fuel prices."