10:00 AM EDT, 05/02/2024 (MT Newswires) -- Air Canada ( ACDVF ) declined more than 8% on Thursday.

The Canadian airline reported Q1 results before market open.

CIBC Capital Markets analyst Kevin Chiang said AC's results have a neutral to slightly negative impact, with adjusted EBITDA coming in below estimates from both CIBC and consensus.

"While EBITDA came in below expectations, we chalk this up to higher opex with demand trends still healthy," Chiang said in a note to clients.

"Passenger revenue outperformed our expectations and advanced ticket liabilities posted a strong sequential increase," the analyst said.

"With the company maintaining its full-year guidance, we would view the EBITDA 'miss' as related to the timing of costs," Chiang said.

The analyst maintained an Outperformer rating and $30 price target on the stock.

Air Canada ( ACDVF ) shares declined $1.70, or 8.3%, to $18.76 on the Toronto Stock Exchange Thursday morning.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 18.74, Change: -1.72, Percent Change: -8.41