The Globe and Mail reports in its Thursday edition that RBC Dominion Securities analyst James McGarragle continues to rate Air Canada "outperform," with an unchanged share target or $25. The Globe's David Leeder writes that analysts on average target the shares at $23.58. Mr. McGarragle says in a note: "Looking through transitory 2026, and seeing a compelling long-term opportunity. We highlight Air Canada as our No. 2 investment idea on the back of a robust FCF outlook, which we anticipate will benefit from improving margins and normalizing capital expenditures, leading to a meaningful FCF inflection in 2028 and 2029 (representing FCF yields of 30 per cent and 50 per cent). That said, we expect 2026 to be a transition year, as margins in our view will face pressure from aircraft delivery delays, updated labour agreements and rising airport infrastructure costs. Key here is that these near-term headwinds do not in our view impact our long-term forecasts but have meaningfully weighed on sentiment creating a very attractive entry point for those willing to look through the next 12 to 18 months." The Globe reported on Oct. 10 and Nov. 26 that Mr. McGarragle rated Air Canada "outperform." It was then worth $18.06 and $18.84.