Raymond James Cuts Copa's Price Target By 4% - Copa Holdings (NYSE:CPA)

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.