AIR CANADA (TSE AC)               Updated January 17, 2003

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Avi Dalfen .............. Research Capital Corp…….January 14, 2003

Reiterated SELL 

Price Target reduced to $4.00 from $4.50 

AC Price day before: $4.43 Finish day of posting:$4.40Current:$4.50

---------December 10, 2002--------------

Downgraded to SELL from SPECULATIVE BUY

Price Target $4.50 (Hit Target December 23, 2002)

AC Price day before: $4.90 Finish day of posting:$5.03Current:$4.50

-----------May 01, 2002----------

Reiterated SPECULATIVE BUY

Price Target $9.00

AC Price day before: $6.62 Finish day of posting:$6.51Current:$4.50

-----------April 22, 2002----------

Reiterated SPECULATIVE BUY

Price Target $9.00

AC Price day before: $6.46 Finish day of posting:$6.40Current:$4.50

-----------March 27, 2002----------

Reiterated SPECULATIVE BUY

Price Target $9.00

AC Price day before: $6.58 Finish day of posting:$6.89Current:$4.50

-----------March 11, 2002----------

Upgraded to SPECULATIVE BUY from HOLD

Price Target  raised $9.00 from $5.75

AC Price day before: $5.74 Finish day of posting:$6.56Current:$4.50

-----------February 01, 2002----------

Upgraded to HOLD from AVOID

Price Target  raised $5.75 from $5.20 (Hit Target March 08, 2002)

AC Price day before: $5.20 Finish day of posting:$5.17Current:$4.50

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Claude Proulx .............. BMO Nesbitt Burns……. October 25, 2002

Downgraded to MARKET PERFORM from OUTPERFORM

Price Target reduced to $5.00 from $7.50 (Hit Target December 09, 2002)

AC Price day before: $5.45 Finish day of posting:$5.57Current:$4.50

-----------October 10, 2002----------

Maintained OUTPERFORM 

Price Target reduced to $7.50 from $10.00

AC Price day before: $3.96 Finish day of posting:$4.19Current:$4.50

-----------May 02, 2002----------

Upgraded to OUTPERFORM from MARKET PERFORM

Price Target raised to $10.50 from $6.00

AC Price day before: $6.51 Finish day of posting:$6.86Current:$4.50

-----------March 08, 2002----------

Upgraded to MARKET PERFORM  from UNDERPERFORM

Price Target  $6.00 (Hit Target March 11, 2002)

AC Price day before: $5.50 Finish day of posting:$5.74Current:$4.50

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Fadi Chamoun ............... UBS Warburg...........October 01, 2002

Downgraded to HOLD from BUY 

Price Target $7.00

AC Price day before: $4.80 Finish day of posting:$4.85Current:$4.50

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James David .............. UBS Bunting Warburg.....May 03, 2002

Upgraded to BUY from HOLD 

Price Target $9.00

AC Price day before: $6.86 Finish day of posting:$7.27Current:$4.50

-----------February 08, 2002----------

Reiterated HOLD 

Price Target raised to $5.50 from $3.00

AC Price day before: $4.70 Finish day of posting:$4.85Current:$4.50

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Nicholas D. Morton ......... RBC Capital Markets…August 09, 2002

Downgraded to UNDERPERFORM from SECTOR PERFORM

Price Target $5.00 (Hit Short Target August 15, 2002)

AC Price day before: $6.30 Finish day of posting:$6.26Current:$4.50 

-----------May 03, 2002----------

Upgraded to SECTOR PERFORM from UNDERPERFORM 

Price Target raised to $5.00 from $3.00 (Hit Short Target August 15, 2002)

AC Price day before: $6.86 Finish day of posting:$7.27Current:$4.50

-----------April 08, 2002----------

Reiterated UNDERPERFORM 

Price Target $3.00

AC Price day before: $6.38 Finish day of posting:$6.25Current:$4.50

-----------March 11, 2002----------

Reiterated UNDERPERFORM 

Price Target $3.00

AC Price day before: $5.74 Finish day of posting:$6.56Current:$4.50

-----------February 08, 2002----------

Reiterated UNDERPERFORM 

Price Target $3.00

AC Price day before: $4.70 Finish day of posting:$4.85Current:$4.50

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Jacques Kavafian ............. Octagon Capital……. August 01, 2002

Downgraded to REDUCE from BUY

Price Target reduced to $6.00 from $10.00 (Hit Short Target August 06, 2002)

AC Price day before: $6.70 Finish day of posting:$6.83Current:$4.50

-----------May 02, 2002----------

Maintained BUY 

Price Target raised to $10.00 from $8.00

AC Price day before: $6.51 Finish day of posting:$6.86Current:$4.50

-----------April 18, 2002----------

New BUY 

Price Target  $8.00 (Hit Target May 14, 2002)

AC Price day before: $6.70 Finish day of posting:$6.50Current:$4.50

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Eve Dalphond ........... National Bank Financial……. May 03, 2002

Upgraded to HOLD from SELL

Price Target $7.50 (Hit Target May 06, 2002)

AC Price day before: $6.86 Finish day of posting:$7.27Current:$4.50

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Michael J. Linenberg ............... Merrill Lynch……. May 03, 2002

Upgraded to BUY from NEUTRAL

AC Price day before: $6.86 Finish day of posting:$7.27Current:$4.50

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Ben Cherniavsky ......... Raymond James…. April 03, 2002

Reiterated MARKET PERFORM

Price Target raised to $6.50 from $5.00

AC Price day before: $6.49 Finish day of posting:$6.57Current:$4.50

-----------January 15, 2002----------

Upgraded to MARKET PERFORM from UNDERPERFORM

Price Target  $5.00(Hit Short Target August 14, 2002)

AC Price day before: $5.56 Finish day of posting:$5.49Current:$4.50

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Jacques Kavafian ....... Yorkton Securities……April 12, 2002

Upgraded to HOLD from REDUCE

Price Target raised to $5.00 from $2.00 (Hit Short Target August 14, 2002)

AC Price day before: $6.65 Finish day of posting:$6.60Current:$4.50  

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