Goldman Sachs analyst Joao Frizo upgraded Copa Holdings to Buy from Neutral with a price target of $138, down from $151, after assuming coverage of the name. The company has the lowest leverage in Latin America airlines coverage and a geographical competitive advantage which should allow it withstand the current macroeconomic volatility, the analyst tells investors in a research note. Goldman believes Copa will pass through higher fuel prices to tickets with potentially lower impact to demand relative to peers.
