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."
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