TD Securities raises Chorus Aviation, shares up

Mon Dec 19, 2011 12:09pm EST
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(Reuters) - TD Securities upgraded Canada's Chorus Aviation CHRb.TO to action list buy, citing higher dividend and cash flow yield, and the aviation company's shares went up 9 percent.

Chorus, formerly known as Jazz Air Income Fund, announced a quarterly dividend of 15 Canadian cents a share.

The company has a dividend yield of 22 percent and a free cash flow yield of 33 percent, the brokerage said.

Shares of the company, which fell 28 percent since reporting quarterly results on November 7, were trading up at C$2.99 on Monday on the Toronto Stock Exchange.

They touched a two-year low of C$2.65 on Thursday.

(Reporting by Arnav Das Sharma in Bangalore)