The Globe and Mail reports in its Wednesday, May 3, edition that ATB Capital Markets analyst Chris Murray continues to rate Cargojet "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Murray slashed his share target by $60 to $130. Analysts on average target the shares at $154.50. Even though Cargojet's first quarter results fell short of the Street's expectations and was accompanied by a more conservative near-term outlook, Mr. Murray continues to hold a "constructive long-term view," seeing "valuations remain compelling for a high-quality GARP [growth at a reasonable price] name." Mr. Murray says in a note: "Q1/23 results came in below ATB estimates, mainly due to softer-than-expected volumes on the domestic network. Management noted that volume trends weakened more than anticipated in late Q1, with the Company's revised outlook calling for volumes to be more in line with 2022 levels. We have moderated our growth expectations for 2023 within the company's domestic network to account for prevailing conditions. Our revised numbers now call for growth to remain neutral in the segment (previously 5-per-cent growth). ... We continue to view valuations as attractive."