Copa Holdings upgraded to Buy on valuation at Buckingham. As previously reported, Buckingham upgraded Copa Holdings to Buy from Neutral and cut its price target to $95 from $103. Analyst Daniel McKenzie thinks his upgrade might be a "little early" and trimmed Copa estimates to reflect FX volatility in key end markets and slightly higher competitive capacity, but said shares are 23% off a recent high, and largely discount earnings risk. McKenzie said booking trends have reflected positively over each of the past 3 weeks, indicating demand and pricing are stabilizing at lower levels, and the new revenue management system is poised to contribute to new ancillary revenue opportunities.
