Analysts at RBC Capital Markets and CIBC Capital Markets raised their price targets on CAE Inc. (CAE.TO, CAE) following the Canadian flight training company's fiscal Q3 results on February 13.
James McGarragle at RBC increased his target on the stock to $43 from $38, and maintained an Outperform rating.
"The key takeaway from FQ3 results was continued improvement in Defense margins, which are up meaningfully the last three quarters under the leadership of Nick Leontidis," McGarragle said in a note to clients.
"The progress during the past year has been extremely impressive in our view and significantly increases our confidence in the team's ability to continue to execute going forward," the analyst said.
Kevin Chiang at CIBC raised his target to $39 from $37, and maintained a Neutral rating.
"CAE's shares are up nearly 14% on the back of its FQ3 results, which were ahead of expectations," Chiang said in a note to clients. "We view CAE's recent results as a sign of improvement and more consistent execution from the company, with an outlook that is being de-risked."
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