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UPDATE: Morgan Stanley Reiterates On Copa Holdings SA Despite Solid 1Q14 Results

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UPDATE: Morgan Stanley Downgrades Copa Holdings, S.A. On Negative Margin Impact

In a report published Thursday, Morgan Stanley analyst Eduardo S. Couto reiterated an Overweight rating on Copa Holdings SA (NYSE: CPA), but lowered the price target from $165.00 to $156.00.

In the report, Morgan Stanley noted, “Strong 1Q14 with all-time high EBIT margin at 24.8%. Despite a solid 1Q, we cut FY2014/15 as CPA announced a 40% capacity reduction in Venezuela starting in Jun-Jul. We see reduced VNZ exposure as positive despite lower numbers. Our PT of $156 (down 5%) implies 18% upside with CPA at 12X P/E.”

Copa Holdings SA closed on Wednesday at $132.27.

Latest Ratings for CPA

DateFirmActionFromTo
Sep 2014Raymond JamesDowngradesMarket PerformUnderperform
Sep 2014Morgan StanleyDowngradesOverweightEqual-weight
Aug 2014JP MorganMaintainsOverweight

View More Analyst Ratings for CPA
View the Latest Analyst Ratings

Posted-In: Eduardo S. Couto Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

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