The Globe and Mail reports in its Wednesday, July 26, edition that National Bank Financial analyst Cameron Doerksen has reaffirmed his "sector perform" recommendation for Cargojet. The Globe's David Leeder writes that Mr. Doerksen slashed his share target by $10 to $117. Analysts on average target the shares at $148.58. The Globe says Mr. Doerksen expects a "challenging" end market will likely continue to weigh on investor sentiment toward Cargojet. Mr. Doerksen says in a note: "We remain positive on Cargojet's longer-term growth prospects as we do expect a resumption in secular growth in e-commerce volumes once the market resets from the unsustainable growth seen during the pandemic years. We also expect Cargojet will continue to add contracted ACMI aircraft with DHL, which supports revenue growth in 2024 and beyond. Short-term demand trends for the air cargo industry are more challenging, but we expect Cargojet to protect margins through cost controls and through the consolidation of flights within its domestic network. Valuation is also reasonable, with the stock currently trading at 7.4 times forward EV/EBITDA on our forecast, which is below the historical forward average for the stock at 11.4 times."