The Globe and Mail reports in its Thursday, Nov. 9, edition that ATB Capital Markets analyst Chris Murray has reaffirmed his "outperform" recommendation for Cargojet. The Globe's David Leeder writes in the Eye On Equities column that Mr. Murray gave his share target a $5 trim to $125. Analysts on average target the shares at $140.83. Mr. Murray sees Cargojet's "balanced" outlook remaining "intact," leading him to "remain positive on the name given its market position and secular tailwinds underpinning e-commerce, with an improving cost structure supportive of meaningful operating leverage once volumes recover." Mr. Murray says in a note: "We see the company as well situated to benefit from e-commerce-led demand trends and attractive supply/demand dynamics around international air cargo services while maintaining the flexibility (through control of the conversion slots) to add or defer growth CapEx depending on economic conditions during the next 12 to 18 months. We expect the cancelled 777s and potential sale, dry lease or parting out of four B757 aircraft to support better free cash flow generation going forward, positioning the company to be opportunistic around returning capital to shareholders."