Although Copa Holdings S.A.'s (Copa) 1Q 09 operating revenues were marginally lower than our estimate, profitability significantly exceeded our expectations. As the current NYSE common stock level continues to support a BUY rating, we do not anticipate a change in our NYSE common stock rating. We will reassess the NYSE common stock target price and rating in our next update report. Given our fundamental outlook and as we continue to expect…

Copa Holdings S.A.’s (COPA) NYSE common stock has declined significantly since our previous update report, as investors reacted to fears of a deepening recession and its corresponding impact on air travel demand. However, given current price levels and our fundamental outlook, we do not anticipate a change in our current NYSE common stock rating. We will reassess the NYSE common stock in our next update report. Given our fundamental outlook…

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Copa Holdings, S.A.’s (Copa) 3Q 08 revenues increased strongly in line with our expectation, reflecting robust demand in its passenger and cargo segments. However, this was partially offset at the operating level by unsustainably high fuel expenses incurred during the quarter. Going forward into FY 2009, we expect Copa to report moderate growth in revenues as although global…