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WestJet sell-off offers opportunity
Posted on June 19, 2008
The 35% sell-off of WestJet Airlines Ltd. since the start of the year had Cameron Doerksen, Versant Partners analyst, upgrading the Calgary-based airline from a hold to a buy Thursday. Although we remain cautious on the impact of jet fuel prices on the airlines, we believe that WestJet shares have sold off to the point where the valuation has become more compelling, he said in a note to clients.Mr. Doerksen did, however, lower his earnings estimates slightly on higher fuel prices and the expectation that the recently implemented fuel surcharges and corresponding fare increases...
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