Shares of CAE Inc (CAE) are soaring 5.01% in intraday trading on Thursday, following a positive analyst action from Scotiabank. The Canadian multinational aerospace company's stock received a significant boost after Scotiabank upgraded its rating and raised its price target.
Scotiabank has upgraded CAE from sector perform to sector outperform, signaling increased confidence in the company's prospects. Additionally, the bank raised its price target for CAE to CA$42 from CA$40, representing a potential upside from current trading levels. This upgrade comes as a vote of confidence in CAE's business model and future growth potential.
The market has responded enthusiastically to this news, with CAE's trading volume reaching around 334,000 shares by mid-afternoon, approaching its daily average of about 524,000 shares. The positive sentiment surrounding CAE is further reinforced by the overall analyst consensus, which maintains an average rating of overweight for the stock, with a mean price target of CA$41.12 according to FactSet data.
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