The Globe and Mail reports in its Tuesday edition that ATB Capital analyst Chris Murray has reaffirmed his "outperform" recommendation for Air Canada. The Globe's David Leeder writes that Mr. Murray gave his share target a $3 trim to $35. Analysts on average target the shares at $30.77. The Globe says Mr. Murray expects Air Canada to report a "significant" increase in passenger volumes and profitability from the same period a year ago when it releases its third quarter results on Oct. 30. He points to "demand remaining strong through the peak summer season." Mr. Murray says in a note: "Although jet fuel prices increased materially throughout the quarter and have weighed on sentiment across the sector, Air Canada hedged 30 per cent of expected Q3 consumption at lower prices, which we expect to support the margin profile. We will be looking for updates on demand conditions heading into 2024, particularly for business travel after management anticipated a step-up in traffic levels post-Labour Day; labour negotiations; and timing with regard to new capacity. We remain constructive on Air Canada at current valuations and see a resilient demand environment mitigating the impact of more challenging macro conditions."