The Globe and Mail reports in its Friday edition that ATB analyst Chris Murray is keeping his "outperform" recommendation for Cargojet intact. The Globe's David Leeder writes that Mr. Murray slashed his share target by $35 to $110. Analysts on average target the shares at $124.71. After disappointing third quarter results, Mr. Murray believes Cargojet will face ongoing trade headwinds but sees value in the shares due to the stable domestic network and expectations for stronger free cash flow and deleveraging. On Wednesday, Cargojet posted quarterly revenue of $219.9-million, a drop of 10.5 per cent year-over-year and below both Mr. Murray's $253.3-million estimate and the Street's forecast of $237.9-million. Mr. Murray says in a note: "The revenue and EBITDA miss was driven by softer-than-expected revenue generation within ACMI and Charter, with total block hours down 16 per cent year-over-year. Margins came in ahead of ATB estimates, reflecting the company's flexible cost structure. Management reaffirmed its cautiously optimistic outlook while acknowledging increasing levels of uncertainty around trade patterns." Mr. Murray is now expecting "more muted peak season growth." He points out Cargojet's "ability to adapt."