The Globe and Mail reports in its Friday, July 14, edition that CIBC World Market analyst Kevin Chiang has reaffirmed his "outperform" call on Cargojet. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Chiang gave his share target a $14 haircut to $164. Analysts on average target the shares at $149.42. Mr. Chiang notes that freight trends are challenging. He does, however, see some postives. Mr. Chiang says in a note: "Cargojet's flight activity trends have softened to up 5 per cent to 6 per cent Y/Y in May/June after trending up 12 per cent to 16 per cent from February to April. Cargojet continues to post flight activity growth on a Y/Y basis, which makes it a relative positive outlier when looking at the broader macro air freight trends. In addition, Cargojet's flight activity has stabilized (based on raw flight activity) at just over 70 flights on a rolling seven-day basis. Flights in May were hovering in the mid-60 range, highlighting a sequential improvement." The Globe reported on June 14 that BMO Nesbitt Burns analyst Fadi Chamoun had reaffirmed his "market perform" recommendation for Cargojet when it could be had for $99.31.