WestJet Airlines has flown its way to slightly higher profit and target price expectations at UBS Securities Canada. UBS analyst Fadi Chamoun said in a note to clients Tuesday that, based on higher than expected load factors and better pricing than he had forecast, he now expects Canada's second largest airline to turn in more than 13 per cent higher profit in the third quarter than he previously figured. As a result, he has raised his 12-month price target on the shares to $20 from $19.50. They closed at $15.80 on the Toronto Stock Exchange on Friday. "In addition to the better than expected revenue growth, we believe that successful execution of the company's growth strategy is producing economies of scale benefits, while elevated fuel costs are being largely offset by a strong [Canadian dollar]" said Mr. Chamoun, who has a "buy" recommendation on the stock.
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