The Globe and Mail reports in its Friday edition that National Bank analyst Cameron Doerksen still rates Transat AT "underperform." The Globe's David Leeder writes that Mr. Doerksen cut his share target to $3 from $4. Analysts on average target the shares at $4.20. Mr. Doerksen remains "cautious" on the stock ahead of its Dec. 14 quarterly release "pending an expected comprehensive refinancing plan that could have implications for equity holders." Mr. Doerksen says in a note: "Although the company's financial position is much better than was the case several quarters ago, in our view net debt remains too high sitting at approximately $1.4-billion at the end of Q3 with estimated leverage on a trailing basis as of the end of F2023 at 6.1 times based on our forecast. We believe a refinancing will include an equity component that could be dilutive to shareholders." Mr. Doerksen says he is also concerned about the level of industry capacity growth this winter to warmer destinations, which he notes are Transat's core markets in the first two quarters of its fiscal year. He adds, "Demand for sun travel still appears to be strong, but growing pressure on consumer finances is also a concern for pricing this winter."