The Globe and Mail reports in its Tuesday edition that National Bank analyst Cameron Doerksen has reaffirmed his "outperform" recommendation for Air Canada. The Globe's David Leeder writes that Mr. Doerksen gave his share target a $3 boost to $35. Mr. Doerksen says Air Canada's second quarter results "handily" exceeded expectations. He believes "strong air travel demand and constrained industry supply" are likely to drive "meaningful" earnings and cash flow improvement for Air Canada through the remainder of 2023 and through 2024, leading to a further reduction in leverage. Mr. Doerksen says in a note: "Investor concerns for Air Canada centre on the potential for slowing air travel demand in the context of weaker economic conditions, but there are few if any signs so far of slowing demand. The other major concern is growing competition from rapidly expanding carriers (Porter, Flair, Lynx) that will pressure domestic profitability, but the more important driver for Air Canada's profits is its international franchise where industry capacity remains rational. We also believe that the domestic competitors will face constraints on their growth that Air Canada will not, including capital and availability of pilots."