The Globe and Mail reports in its Thursday, Jan. 11, edition that National Bank Financial analyst Cameron Doerksen is sticking with his "outperform" ranking for Air Canada. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doerksen trimmed his share target by a loonie to $31. Analysts on average target the shares at $29.88. Mr. Doerksen thinks investors continue to have an "overly pessimistic outlook" for Air Canada ahead of the release of its fourth quarter 2023 financial results. Mr. Doerksen says in a note: "Investors have numerous concerns about Air Canada including the growing risk of a recession in Canada, the outcome of negotiations with its pilots, higher capex in the coming years, and increased competition. ... The bottom line for us is that the current valuation for Air Canada is reflecting what we believe is an overly pessimistic outlook and the stock has significantly underperformed its closest North American peers. ... We believe investors' largest concern for Air Canada is the sustainability of demand and pricing in the context of growing financial constraints on consumers and the risk of a recession. However, demand for air travel in Canada appears to be holding up well."