According to a research report published earlier today, Dahlman & Rose has increased Copa Holdings' CPA PT from $77 to $100.
In the report, Dahlman & Rose commented, “Copa reported 1Q12 traffic increased by 22.4% on 22.8% more capacity for a load factor of 77.2%. Management generally guides investors to ~75% load factor; the strong load factors were driven by a 79.2% load factor in the domestic market and 77.1% load factor on international routes. International service represents ~95% of the capacity for Copa. The airline is easily able to offset higher jet fuel costs with fuel surcharges. We believe Copa will consistently report better than expected traffic and earnings expectations due to increasing demand.”
Dahlman & Rose maintains its Buy rating on Copa Holdings, which closed yesterday at $80.40.
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