January 14, 2016 / 4:43 PM / 2 years ago

BUZZ-Air Canada: Raymond James cuts to "underperform"

** Canadian airline’s shares down 6.7 pct at C$8.32 after Raymond James cuts to “underperform” from “market perform”

** Stock hit lowest in more than a year

** “We maintain a fundamentally negative bias towards the company’s expansionary strategy and heavy capex commitments,” Raymond James analysts write, cutting PT to C$7

** 13 of 15 brokerages rate the stock “buy” or higher, 1 “hold” and 1 “sell”; their median PT is c$17

** Brokerage also cuts rival WestJet Airlines Ltd’s PT to C$20 from C$26

** “We maintain a cautious view towards Canada’s airline stocks, which continue to underperform the broader market as well as many of the bellwether airlines in the U.S.,” the analysts write

** WestJet shares down 1.6 pct at C$18.14

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