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Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Friday After May Jobs Report

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 1.3% in Friday's premarket activity, after the May jobs report.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 1% before the start of regular trading.US nonfarm payrolls increased by 172,000 in May, exceeding expectations for an 88,000 gain, while the unemployment rate held at 4.3% and average hourly earnings rose 0.3%, in line with forecasts.The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.April's consumer credit data is scheduled for a 3:00 pm ET release.In premarket action, bitcoin was down by 1.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% lower, Ether ETF (EETH) retreated by 5.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) gained by 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced by 0.1%.Lululemon Athletica (LULU) shares were down more than 11% pre-bell after multiple analysts cut their price targets following the athletic apparel retailer's lowering of its full-year outlook amid weak sales trends.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.8%, the Vanguard Health Care Index Fund (VHT) retreated by 0.3%, while the iShares US Healthcare ETF (IYH) slipped 0.7%. The iShares Biotechnology ETF (IBB) was flat.Cooper (COO) was up by nearly 8% premarket after the company reported higher fiscal Q2 adjusted earnings and revenue late Thursday.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.1%, while the Vanguard Industrials Index Fund (VIS) gained 0.5% and the iShares US Industrials ETF (IYJ) was inactive.CAE (CAE) gained by nearly 3% before the opening bell. The company said it has received regulatory approval for the renewal of its normal course issuer bid to purchase, for cancellation, up to about 16.1 million common shares, or about 5% of its outstanding share capital as of May 29.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Affirm (AFRM) shares were down more than 2% pre-bell after closing the prior session with a 3.7% gain. Affirm and Canada Pension Plan Investment Board said Thursday that they renewed and expanded their forward-flow agreement for consumer installment loans.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.8%, and the iShares US Technology ETF (IYW) was 1.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 1.7%, while the iShares Semiconductor ETF (SOXX) fell by 3%.Nvidia (NVDA) shares were down 1.8% in premarket activity after ending Thursday's session with a 1.8% increase. Multiple media outlets reported Chief Executive Officer Jensen Huang as saying that the company cleared Samsung Electronics, SK Hynix, and Micron Technology to supply advanced high-bandwidth memory for its HBM4 artificial intelligence accelerators.EnergyThe iShares US Energy ETF (IYE) was up 0.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.2% higher.X-Energy (XE) stock was up more than 1% before the opening bell a day after the company reported total Q1 revenues and grant income of $43.4 million, representing a 109% increase compared to the prior-year period.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.2% to $92.87 per barrel on the New York Mercantile Exchange. Natural gas was down 0.9% to $3.31 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 0.3%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for July retreated by 0.3% to $4,492.60 an ounce on the Comex. Silver futures declined by 1.4% to $72.91 an ounce. SPDR Gold Shares (GLD) was down by 0.2%, and the iShares Silver Trust (SLV) decreased by 1.5%.

Dow JonesNasdaq CompositeS&P 500$AFRM$BETH$BITO$CAE$COO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LULU$NVDA$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XE$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Mining & Metals

Stifel Canada on Opportunities For CAE Under New Defence Industrial Strategy

This week at CANSEC, Canada's global defense & security trade show, Prime Minister Mark Carney announced the selection of Saab's GlobalEye for Canada's Airborne Early Warning and Control (AEW&C) program, focused on Arctic surveillance.The GlobalEye displaces the Boeing E-7 Wedgetail and L3Harris Aeris X, in favor of a made-in-Canada solution that builds on Bombardier's (BBD-B.TO) Global 6500 aircraft and CAE (CAE.TO, CAE) training systems, writes Stifel Canada's Daryl Young.A formal agreement between Canada and Saab remains under negotiation."Although this announcement had been widely anticipated, we are highly encouraged to see Canada's new "Defence Industrial Strategy" in action, with clear benefits to CAE under its cooperation agreement with Saab. Canada's military re-tooling efforts remain in the early stages, providing a multi-year/decade growth trajectory, while we think PM Carney's strategic relationship building across NATO nations could provide a multiplier effect to Canada's defense champions," Young writes.It is unclear what the dollar figure or direct impact to CAE might be as part of the training/simulation requirements associated with the GlobalEye aircraft, but Young expects it to be material, particularly within the Saab/CAE cooperation agreement which relies on CAE as the preferred training partner, first announced last November.There were no updates at the trade show regarding the pending fighter jet decision between Saab's Gripen-E fighter versus Lockheed's F-35. Canada's submarine procurement program remains another large training opportunity for CAE, Young adds.Stifel Canada has a buy rating on CAE shares and a C$47.00 price target.Near-term, sentiment for CAE stock could improve alongside new defense orders and backlog growth, eventual resolution of the Middle East conflict, removing overhangs associate with commercial airline capacity/pilot hiring concerns, and potential upside from the sale of the Flightscape business.Price: $35.42, Change: $+1.27, Percent Change: +3.72%

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Mining & Metals

CAE Partners With Saab to Boost Canada's Airborne Early Warning and Control Based On The GlobalEye Platform

CAE (CAE.TO, CAE) on Wednesday said it reached a teaming agreement with Saab to support Canada's Airborne Early Warning and Control (AEW&C) program based on the GlobalEye platform.According to the statement, the agreement builds on the worldwide cooperation agreement signed between CAE and Saab last year, which positions CAE as Saab's preferred partner for training and simulation solutions across its AEW&C platforms.As part of this collaboration, CAE will support the development of Canada's future AEW&C capability through its expertise in flight training, mission and rear crew training, enabling fully integrated training solutions. The partnership is designed to strengthen mission effectiveness and operational readiness for the Canadian Armed Forces."CAE's world-class defence expertise will be critical to enabling a high-performance AEW&C capability for Canada," said chief executive Matthew Bromberg. "Building on our longstanding collaboration and trust with Saab, this agreement reflects our shared commitment to delivering innovative, integrated solutions that strengthen operational performance and support Canada's defence priorities."The partnership also includes exploring broader areas of collaboration through mission system support, advanced training, Live, Virtual and Constructive integration and simulation solutions for the Canadian program."GlobalEye delivers cutting-edge multi-domain surveillance, offering long-range detection and advanced situational awareness across air, maritime, and land domains. We value the opportunity to further strengthen our partnership with CAE and to collaborate on the Canadian program, which will also serve as a stepping-stone for future opportunities," said Micael Johansson, CEO of Saab.CAE shares were up $1.33 at last look to $34.17 on Toronto Stock Exchange on Wednesday.Price: $34.18, Change: $+1.34, Percent Change: +4.08%

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Wire

CAE's Long-Term Targets Viewed as 'Deliberately Conservative,' RBC Capital Markets Says

CAE's (CAE) fiscal 2030 adjusted segment operating income target falls short of estimates and appears to be "deliberately conservative," RBC Capital Markets said in a research note Friday.Management said on the earnings call that the targets embed meaningful execution risk and reflect a cultural reset, RBC said.On free cash flow, the brokerage said it continues to flag that the 100% cumulative cash conversion target excludes lease liability principal payments and stock-based compensation, both of which are deducted from the firm's FCF calculation.Analysts said, however, that they think the fiscal 2030 targets are achievable, with fiscal 2027 expected to be a transition year and fiscal 2028 as a plausible inflection point, although limited near-term visibility is likely to weigh on the stock.RBC reduced its price target to 36 Canadian dollars ($26.07) from CA$42, and maintained its sector perform rating.Shares of CAE were up 3.6% in Tuesday trading.Price: $23.99, Change: $+0.83, Percent Change: +3.58%

$CAE
Wire

National Bank Financial Cuts CAE Price Target to CA$49 From CA$53, Outperform Rating Kep

CAE (CAE) has an average rating of overweight and mean price target of CA$48.23, according to analysts polled by FactSet.(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..com/contact-us)Price: $23.06, Change: $-3.89, Percent Change: -14.42%

$CAE
Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Cae, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our rating of Hold, based on significant restructuring of the business and a weak Civil segment that is working through headwinds. We lower our target price to CAD42 from CAD45 based on an EV/EBITDA multiple of 12.0x our FY 28 EBITDA. We have reduced Civil's revenue growth and curtailed consolidated margin expansion to ~15.0% by FY 28. We lower our FY 27 EPS estimate to CAD1.21 (down CAD0.09) and lower FY 28's to CAD1.39 from CAD1.52. The FY 30 transformation plan includes targets of CAD950M to CAD1B in adjusted segment operating income, mid-single-digit organic revenue growth, and cumulative 100% cash conversion over the four-year period. This came in below our estimates. For FY 27, management anticipates low-single-digit revenue growth, adjusted segment operating income margin of 14.6% to 15.1%, and adjusted EPS of CAD1.21 to CAD1.28. Valuation is historically depressed with a significant discount on a relative basis. While the new guidance is achievable, it is now up to management to execute.

$CAE
Research

Research Alert: Cae Q4: Transformation Plan Targets Up To Cad1b Soi, Adjusted Eps Down 11% Y/y

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CAE reported Q4 revenue of CAD1,326.7M (+4% Y/Y), bringing FY revenue to CAD4.9B (+4% Y/Y), but adjusted EPS fell to CAD0.42 from CAD0.47. Civil faced headwinds as training center utilization dropped to 70% from 74% and operating margins compressed to 18.6% from 21.5%, while Defense delivered stronger performance with margins expanding to 9.2% from 7.5%. Results reflect ongoing Civil demand challenges amid volatile macro conditions, though Defense continues benefiting from increased spending. Management guides FY 27 to low-single-digit revenue growth, 14.6%-15.1% operating margins, and EPS of CAD1.21-1.28, assuming Middle East conflicts settle early. The company announced a transformation plan targeting CAD125-150M in annual savings by FY 30, including removing 10% of commercial simulators and consolidating real estate. We expect restructuring to improve efficiency, while Defense momentum should continue supporting margin expansion despite Civil headwinds persisting.

$CAE
Mining & Metals

Carlyle Group Cited As Being Interested As CAE Evaluates Strategic Alternatives, notes RBC Capital Markets

An unconfirmed report, via a Betaville "uncooked" alert, is circulating that CAE (CAE.TO, CAE) is working with an adviser to evaluate strategic alternatives for all or part of the business, with Carlyle Group (CG) cited as one interested PE party, RBC Capital Markets noted in a note dated April 27."We view this as neutral, as it is consistent with commentary from management's most recent earnings call (Q3 FY2026, February 13, 2026), where CEO Matt Bromberg explicitly disclosed that CAE had completed a bottom-up portfolio review, identified non-core assets representing near 8% of revenue, and had already engaged advisers on potential transactions -- while cautioning that these transformations typically take 18-24 months," RBC said."With no incremental detail beyond the unconfirmed report, we don't see this as a standalone catalyst, though we note CAE trades at low-teens EV/EBITDA and high-20s P/E, which provides some context for evaluating potential transaction economics alongside any strategic considerations," RBC added.Shares in CAE were down about 0.15% in US premarket trade today amid lower broader stock futures markets.

$CAE$CAE.TO$CG
Mining & Metals

RBC Maintains CAE's Sector Perform Rating and C$42.00 Price Target Ahead of Fiscal Q4 Results

RBC Capital Markets maintained its sector perform rating and C$42.00 price target on the shares of CAE (CAE.TO, CAE) on Friday.RBC expects CAE's upcoming Fiscal Q4 report to shift attention to the company's long-term growth opportunities. It expects management to outline targets for revenue, margins, CapEx, EPS, and ROIC through FY30.RBC believes secular tailwinds in both Civil and Defense can support 4-5% revenue growth longer-term, with key focus on what level of FCF management's targets imply.RBC's new FY30 forecasts call for ~100% FCF conversion and EPS of $2.21, it added."While we remain Sector Perform into the quarter, we will be looking for colour that gives us increased confidence in execution, which could provide a lift to valuation," said RBC.RBC believes FY27 will "come in well below street estimates," although RBC does not expect this to be a major focus for investors. It expects FY27 to represent a "transitional year" for CAE as it works through the execution phase of its transformation plan."While the strategic initiatives we expect management to lay out could yield meaningful benefits over the medium term, the near-term financial profile will likely reflect the friction of restructuring activities, ongoing market headwinds, and the lag between cost actions and margin realization," added RBC.RBC expects management to lay out a growth framework underpinned by "strong secular tailwinds" in both Civil and Defense that it believes will support revenue growth of 4-5% annually."On the margin front, we expect management to target Civil operating margins of ~25% (vs. ~20% today), reflecting the benefits of network rationalization, improved utilization, and a leaner cost structure; and Defense operating margins of ~11% (vs. ~8.5% today), driven by the continued roll-off of legacy contracts and a higher mix of new, betterpriced programs," said RBC.RBC expects these revenue and margin improvements to drive capital efficiency gains, with CapEx moderating to ~$300MM longer-term as network right-sizing reduces growth capital requirements. RBC expects this to drive EPS of >$2.00 in FY30."We now value CAE off our new F30 EPS estimate of $2.21, applying a 22.5x multiple and discounting back at 8%, which results in our $42 price target," said RBC.Price: $34.50, Change: $-0.27, Percent Change: -0.78%

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Mining & Metals

Stifel Canada on Investor Expectations For CAE

Stifel Canada completed a survey of 26 buy-side investors ahead of CAE (CAE.TO, CAE) releasing its new longer-term transformation-plan targets in May, alongside fiscal fourth-quarter results."Since Matt Bromberg took the helm in August 2025, the company has been teasing out a broad framework for its turn-around plans, but has yet to provide hard targets for growth, margin improvement, ROIC, and FCF," notes analyst Daryl Young, who is maintaining a buy rating and C$50.00 price target on the stock.Stifel's clear takeaway is that investors are "laser focused" on CAE harvesting FCF, with less focus on growth. Young believes capex curtailments alone will likely be sufficient to achieve the low-end of FCF expectations post transformation. He adds that 40% of survey responses indicated expectations for $2.00-$2.50 of FCF/sh post transformation in F2029 (~6% FCF yield to current share price).Price: $35.91, Change: $-0.91, Percent Change: -2.47%

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