The Globe and Mail reports in its Friday, March 29, edition that Scotia Capital analyst Konark Gupta has reaffirmed his "sector outperform" recommendation for Air Canada. The Globe's David Leeder writes that Mr. Gupta trimmed his share target by a loonie to $29. Analysts on average target the shares at $27.99. Mr. Gupta says in a note: "Valuation is at all-time lows, with a wider-than-historical discount to U.S. comps. ... We think some discount is still warranted given investors are sensitive about the three. ... We view Air Canada as our top contrarian pick as earnings, cash flows and leverage ratio are either marching toward or exceeding prepandemic levels, while valuation remains highly attractive relative to history and peers. The airline is finally catching up with its U.S. peers after a slower recovery from the pandemic due to Canada's delayed reopening. While inflationary factors are weighing on margins in the near term, air travel demand remains strong and yields are holding up at elevated levels." The Globe reported on Sept. 15 that Mr. Gupta rated Air Canada "sector outperform." It was then worth $20.33. The Globe reported on March 6 that National Bank rated Air Canada "outperform." It was then worth $18.06.