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Transat Price Target Raised to $2.25 at TD

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TD Securities lowered its price target on Transat A.T. Inc. (TRZ.TO) to $2.25 from $2.50 on Friday.

Analyst Tim James maintained a Hold rating on shares of the Canadian vertically integrated tour operator.

"Average air fares are up 4.5% y/y so far for summer travel, not sufficient to offset higher jet fuel prices," James said in a note to clients.

"Competition appears to be limited Transit's ability to push fares significantly higher," the analyst said.

"Exposure to international leisure travellers (price sensitive), narrow margins and financial leverage, leave earnings highly sensitive to even small demand fluctuations."

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