The Globe and Mail reports in its Wednesday, Feb. 28, 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 advanced his share target by $5 to $160. Analysts on average target the shares at $147.08. While investors did not give Cargojet's fourth quarter 2023 financial release an enthusiastic response, Mr. Murray called the results "solid" despite ongoing macro pressures. Mr. Murray says the results are keeping him "constructive on the name, particularly with valuations remaining favourable." He says in a note: "While an amortization charge concerning the Amazon warrants added noise to the print, revenue sourced from core air cargo service exceeded ATB estimates as continued strength in ACMI [aircraft, crew, maintenance and insurance] and all-in charter offset the softer volume environment with moderate cost pressures reflected in the adjusted EBITDA variance. Management believes it can generate an additional 10- to 15-per-cent revenue growth on its existing block hours, which bodes well for margin trends in 2024 and is reflective of recent rightsizing initiatives."