🔴 Air Canada is trading 4.5% down after Jefferies cut rating to underperform

Air Canada is trading 4.5% down at $21.00 after Jefferies downgraded it to underperform from hold and cut its price target to C$19 from C$26.

• Jefferies cited domestic competition, weaker Canadian consumer conditions and higher fuel costs.
• Fare competition and fuel costs are weighing on expected earnings; mixed major indices do not clearly explain the decline.