Raymond James Cuts Copa's Price Target By 4%

  • Raymond James analyst Savanthi Syth lowered the price target on Copa Holdings CPA to $110 (an upside of 42%) from $115 while maintaining the Strong Buy rating on the shares.
  • Copa is a Panamanian holding company consisting of Copa Airlines and Copa Colombia.
  • The analyst revised the forecast to reflect higher fuel price forecasts, particularly considerable refining margin expansion in the recent three weeks.
  • Syth continues to believe that "Copa's improved CASM-ex (vs. pre-crisis) reaffirms a structural cost advantage, which along with its robust balance sheet and advantaged hub serves as a formidable defensive moat."
  • The analyst states that Copa is amongst the most well-managed airlines globally, with a competitive cost structure and strong balance sheet.
  • Syth adds that Copa has the financial wherewithal to withstand the current crisis, particularly compared to its Latin American competitors, and is likely to gain market share in a recovery.
  • Price Action: CPA shares are trading higher by 1.8% at $77.37 on the last check Wednesday.

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