The Globe and Mail reports in its Friday, Feb. 21, edition that TD Cowen analyst Tim James thinks Chorus Aviation's in-line fourth quarter 2024 results and reaffirmation of its 2025 outlook "allow investors to focus on upside from redeployment of capital from leasing business sale and corresponding lift to ROE, earnings quality." The Globe's David Leeder writes that accordingly, Mr. James raised his rating for Chorus to "buy" from "hold." Mr. James jacked his share target up by $2 to $27. Analysts on average target the shares at $26.99. Mr. James says in a note: "We believe momentum in Voyageur business, increasingly discounted bottoming in revenue/EBITDA expected in 2026 from the AC CPA and further asset monetization opportunities (not in our forecast) should support the stock. We believe disclosure around the higher-multiple Voyageur business should increase in the coming years, providing a bias higher to Chorus's valuation multiples. Management indications imply Voyageur's adjusted EBITDA will represent 18 per cent of TD's 2025 consolidated forecast. In addition, we anticipate the communication of a more defined capital-allocation strategy in 2025, which could include buybacks and dividend reinstatement."

• Chorus Aviation Inc