Shares of Copa Holdings, S.A. (CPA) jumped 3.1% during Wednesday’s extended trading session after the airlines company delivered stronger-than-expected third-quarter results.
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Q3 Performance
Notably, adjusted earnings of $0.70 per share significantly beat analysts’ expectations of $0.11 per share, and an adjusted loss of $0.38 per share in the same quarter last year. See Copa Holdings stock charts on TipRanks)
Further, revenues jumped 46.3% sequentially to $445 million, exceeding consensus estimates of $371.6 million. Notably, revenues were down 37% against the corresponding pre-pandemic period in 2019.
Measured in available seat miles (ASMs), flight operations came in at 68.9% of the capacity flown during the same period in 2019.
Three new destinations were added during the quarter and are expected to start operations in December 2021. These are Atlanta in the U.S., Armenia, and Cucuta in Colombia
Analysts Recommendation
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys. The average Copa Holdings price target of $102.50 implies 42.8% downside potential to current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on CPA, compared to a sector average of 68%.
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