TD Cowen Remains Bullish On Copa Holdings, S.A. (CPA) Following Q3 2025 Results

Copa Holdings, S.A. (NYSE:CPA) is among the 8 Best Airline Stocks to Buy Heading into 2026.

TD Cowen Remains Bullish On Copa Holdings, S.A. (CPA) Following Q3 2025 Results

On November 20, TD Cowen analyst Thomas Fitzgerald reaffirmed his Buy rating and $141 price target on Copa Holdings, S.A. (NYSE:CPA) following the company’s Q3 2025 results. The analyst said the company’s performance in the quarter was robust, with its EPS of $4.20 exceeding the street and his own estimates. He argued that loyalty revenue was supported by the renewal of the ConnectMiles co-branded credit card agreement, which offset the softness in passenger revenue.

Along with its Q3 results on November 19, the company outlined its full-year 2025 outlook, continuing to project an operating margin of 22% to 23% and forecasting annual capacity growth of around 8%. For comparison, its 2024 ASM capacity growth was 8.6% YoY, and its operating margin was 21.9%.

Earlier, on November 4, 2025, Raymond James also increased its price objective for Copa Holdings, S.A. (NYSE:CPA) to $164 from $150 and maintained a Strong Buy rating for the shares, as reported by The Fly. The analyst informed investors in a research note that the price target increase is due to a revised fuel projection, an improved currency backdrop, and continued quarterly capacity growth. Copa Holdings, S.A. (NYSE:CPA) should benefit from improved MAX delivery patterns at Boeing, the firm stated.

Copa Holdings, S.A. (NYSE:CPA) released its preliminary traffic numbers for October 2025 on November 13, 2025, as per the Fly. System-wide passenger traffic (RPMs) climbed 9.3% to 2,443.6 million, while capacity (ASMs) increased 9.6% to 2,803.0 million.

October’s load factor was 87.2%, which is 0.2 percentage points less than October 2024. The load factor slightly decreased as a result of capacity growth exceeding traffic growth, according to the business.

Copa Holdings, S.A. (NYSE:CPA) and its subsidiaries operate aircraft passenger and cargo services.

While we acknowledge the risk and potential of CPA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CPA and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025.

Disclosure. None.