The Globe and Mail reports in its Saturday edition that Citi analyst Stephen Trent has an unchanged "buy" recommendation on Air Canada. The Globe's David Leeder writes that Mr. Trent jacked his share target ahead by a loonie to $26. Analysts on average target the shares at $29.06. Mr. Trent thinks Air Canada's operations "seem to have turned the corner," pointing to a combination of "ongoing solid demand and more moderate fuel prices driving earnings growth." He says, "An ongoing recovery of international, long-haul travel and improvements from the Aeroplan loyalty program should provide the next steps upward in revenue growth." He raised his earnings per share projection for 2023 to $3.15 from $3.04. His 2024 and 2025 estimates increased to $4.02 and $5.43, from $3.88 and $4.83. Mr. Trent says in a note: "Forecast adjustments for Air Canada include the incorporation of (A) slightly lower expected available seat mile or ASM growth, (B) lower 2023 estimated passenger yields, (C) a stronger expected ex-fuel cost per available seat mile or CASM ex-fuel, (D) cheaper fuel, and (E) 1Q'23 results factored into our model. This carrier has the most international long-haul exposure among Citi's Americas Airline coverage."