CAE price target lowered to C$29 from C$32 at CIBC

CIBC lowered the firm’s price target on CAE to C$29 from C$32 and keeps an Outperformer rating on the shares. The firm noted that CAE pre-released Q4 earnings results that included a large Defense impairment. While the analyst feels these below expectations preliminary results cap a difficult year for the company, the “kitchen-sink quarter” should also help accelerate the company’s restructuring of its Defense segment. CIBC maintained its Outperformer rating with the stock trading down 10%.