CIBC analyst Kevin Chiang downgraded CAE (CAE) to Neutral from Outperformer with an unchanged price target of C$33. The firm continues to have a positive view on the secular tailwinds that should benefit CAE’s Civil segment and is optimistic that the company has improved visibility on when its legacy problem contracts exit the backlog. The downgrade reflects the share price outperformance, as the recent rally brings a more balanced risk/reward profile, the analyst tells investors in a research note.
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