Cargojet Downgrade: Shielded, But Not Immune To Macro Pressure

Cargojet remains well-positioned in Canadian express delivery, benefiting from e-commerce growth and operational shielding mechanisms. Despite shielding, CJT faces pressures from shifting ACMI demand, oil price volatility, and macroeconomic uncertainty, leading to a 10.7% stock decline. I see manageable revenue and EBITDA pressures, with free cash flow remaining positive and a 40% upside to an $83.48 price target.