Shares of CAE Inc (CAE) surged 5.01% in intraday trading on Thursday, following a positive analyst upgrade from Scotiabank. The Canadian multinational aerospace company's stock received a boost after Scotiabank raised its rating and price target, signaling increased confidence in CAE's future performance.
Scotiabank upgraded CAE from sector perform to sector outperform, indicating a more bullish outlook on the company's prospects. Additionally, the financial institution raised its price target for CAE to CA$42 (approximately $30) from the previous CA$40. This upgrade and increased price target suggest that Scotiabank analysts see potential for further growth in CAE's stock price.
The market's reaction to this news was swift and positive, with CAE's stock price climbing throughout the trading session. The upgrade comes at a time when CAE has an average rating of overweight from analysts polled by FactSet, with a mean price target of CA$41.12. This latest move by Scotiabank reinforces the overall positive sentiment surrounding CAE in the investment community and could potentially attract more investors to the stock.
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