CIBC Reiterates Their Buy Rating on Cargojet (CGJTF)
In a report released today, Kevin Chiang from CIBC reiterated a Buy rating on Cargojet (CGJTF), with a price target of C$245.00. The company’s shares closed last Monday at $145.97.
According to TipRanks.com, Chiang is a 4-star analyst with an average return of 9.5% and a 60.6% success rate. Chiang covers the Industrial Goods sector, focusing on stocks such as Andlauer Healthcare Group, Canadian National Railway, and Martinrea International.
Currently, the analyst consensus on Cargojet is a Strong Buy with an average price target of $196.95, a 30.1% upside from current levels. In a report issued on April 28, Canaccord Genuity also upgraded the stock to Buy with a C$220.00 price target.
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Based on Cargojet’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $187 million and GAAP net loss of $20.5 million. In comparison, last year the company earned revenue of $140 million and had a GAAP net loss of $4.5 million.
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Cargojet, Inc. provides air cargo transportation services. The firm provides aircrafts to customers on an adhoc charter basis operating between points in Canada, the USA and other international destinations. It also offers scheduled international routes for multiple cargo customers across North America, to the Caribbean, and to Europe. The company was founded by Ajay K. Virmani on April 7, 2010 and is headquartered in Mississauga, Canada.