CIBC Capital Markets raised its price target on CAE Inc. (CAE.TO, CAE) to $37 from $33.
Analyst Kevin Chiang maintained a Neutral rating on shares of the Canadian flight training and simulation technology company.
"Browning West has taken a 4.3% economic interest in CAE and is looking to facilitate the company's search for a new CEO in order to unlock shareholder value," Chiang said in a note to clients.
"We believe Browning West will have strong support from current CAE shareholders," the analyst said.
"We have increased our target multiple by 1 point to 11.5x due to a potential activist campaign at CAE."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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