The Globe and Mail reports in its Saturday, May 6, edition that Citi analyst Stephen Trent has upgraded Air Canada to "buy" from "neutral." The Globe's David Leeder writes in the Eye On Equities column that Mr. Trent elevated his share target by $3.50 to $25. Analysts on average target the shares at $26.98. Mr. Trent says he sees a "buying opportunity" at Air Canada. Mr. Trent warns that Air Canada's its first quarter results are "unlikely to be pretty." After the bell on Thursday, Air Canada raised its full-year earnings before interest, taxes, depreciation and amortization outlook by $1-billion, or approximately 36 per cent, to a range of $3.5-billion to $4-billion. That exceeds the consensus estimate on the Street of $2.6-billion. Mr. Trent says "it is hard to ignore the (at least) half billion dollars-worth of higher EBITDA guide for this year." He says in a note: "Had we not changed anything, the share price pullback translated into an expected total return of 17 per cent, using Thursday's close. ... [Air Canada] has the most international long-haul exposure among Citi's Americas Airline coverage."