The Globe and Mail reports in its Wednesday, Nov. 1, edition that Air Canada announced strong quarterly results on Monday, but it failed to generate much enthusiasm on the Street, with several analysts cutting price targets. The Globe's Darcy Keith writes that ATB Capital analyst Chris Murray applauded the results, but explained in a note to clients that he lowered his target multiple "to account for peak earnings and rising interest rates." He said in a note: "AC delivered very strong Q3/23 results, reflecting the strength of the demand environment and yield conditions in a seasonally strong quarter. Management remained constructive on the demand environment for leisure and business and expects full-year EBITDA to meet the higher end of guidance." Mr. Murray said management's tone "was measured" when discussing 2024, which the analyst thinks is related to the continuing labour contract negotiations with the Air Line Pilots Association. He also thinks that concerns about consumer spending are also weighing on sentiment. Mr. Murray cut his share target to $33 from $35 although that still represents a doubling of the stock price. Analysts on average target the shares at $28.62, down from $31.46 a month ago.