Cargojet: Moat With A Clear Growth Runway Is More Infrastructure Than Cyclical

2025-10-18 05:06:35 ET

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Investment Thesis

We initiated coverage on Cargojet ( CJT:CA ) on March 2, 2025, with a 'Strong Buy' rating. Since then, the stock has delivered a disappointing –9.3% total return, well below the SPTSX 's 19.5%. Cargojet had actually been outperforming the index until mid-August... but over the past month, shares have fallen nearly 15%, and are down 18.6% in the last two months. The selloff isn’t entirely without reason, but it’s clearly overdone....

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