UPDATE: Cowen Raises PT on Copa Holdings, S.A. With Lower Jet Fuel Improving Profitability

In a report published Tuesday morning, Cowen analyst Helane Becker reiterated a Buy rating on Copa Holdings

, and raised the price target from $115 to $155. In the report, Becker noted, "Management reiterated the majority of the company's 2013 guidance. Capacity is expected to increase by 14%, with the company adding frequency to maturing routes rather than adding new destinations. Load factors are expected to be 76% in 2013, while total unit revenues should be flat with last year. Jet fuel costs are expected to be $3.20/gallon, down from prior guidance of $3.30/gallon. Due to the decline in jet fuel costs and strong 1Q13 results, management expects an operating margin of 19%-21%, up from prior guidance of 18%-20%." Copa Holdings currently trades at $136.29.