Konark Gupta, analyst at Scotia Capital, cut the price targets of eight companies by an average of 12 per cent, out of the 14 companies he covers.
“As investor concerns are picking up that the Fed’s hawkish approach could trigger a downturn, we are making even more cuts to our long-term estimates across our coverage universe while also incorporating the effects of CAD weakness,” Gupta said“Although the path remains unclear, we are of the view that a potential recession could be less damaging for the aviation sector than freight transportation as consumption is shifting toward services from goods coming out of the pandemic.
“Air travel demand appears to be trending up despite macro headwinds while labour shortage continues across the industry.”DOWNGRADING MULLEN GROUP
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Potential recession? 😂
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