The Globe and Mail reports in its Thursday, Aug. 24, edition that National Bank Financial analyst Cameron Doerksen has reaffirmed his "underperform" recommendation for Transat AT. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doerksen gave his share target a 25-cent boost to $3.75. Analysts on average target the shares at $4.45. The Globe says Mr. Doerksen expects Transat AT to report "strong" third quarter results on Sept. 14. He points to better-than-expected summer demand and pricing. Mr. Doerksen says in a note: "In reporting its fiscal Q2 results, Transat noted at the time that its load factor for the summer was running 2.6 pts lower than 2019, but yield (pricing) was up 29 per cent versus 2019. ... Based on management commentary from both Transat and Air Canada, air travel demand looks to remain strong into the fall. We believe demand for sun destinations (Transat's core market in fiscal Q1 and Q2) this upcoming winter will be solid, but additional competitive capacity could dampen yields. ... Transat should continue to show margin and cash flow improvement through our forecast period, but we still view overall leverage as too high, which shapes our cautious view on the stock."