The Globe and Mail reports in its Thursday, Feb. 5, edition that TD Cowen analyst Tim James continues to rate Transat AT "buy." The Globe's David Leeder writes that Mr. James gave his share target a 50-cent trim to $5. Analysts on average target the shares at $3.30. Mr. James believes Transat AT's December labour dispute will have a "minimal impact" on the company's first quarter of fiscal 2026, anticipating results will show improved margins due to strong demand, the return of grounded aircraft, a ratified pilot contract and an elevation initiative. Mr. James with its pilots says in a note: "We forecast Q1/F26 revenue up 3.6 per cent year-over-year to $859-million (consensus: $853-million) on 1.4-per-cent yield and 1.7-per-cent traffic. We believe resilient demand and return of a portion of grounded aircraft supports traffic and capacity (up 3 per cent) forecast. We forecast adj. EBITDA of $33.6-million (3.9-per-cent margin; cons: $20.8-million) on 150 bps of margin expansion. ... Our target multiple (3.5 times) reflects comparable valuations, travel demand outlook, competitive pressure and increased financial risk for Transat." Mr. James sees Transat possessing more upside than peer Chorus Aviation.