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23.47
0.60%
0.14
After Hours:
23.47
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Why is Cae Inc (CAE) Stock down?
We've noticed a 6.28% decline in Cae Inc (CAE) stock during the 2024-10-31 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
29 Nov, 2023:
Shares of Cae Inc (CAE) dropped by 5.21% from $20.53 to $19.46 in the trading on Wednesday, November 29, 2023. The reason why CAE is down today is due to recent rating downgrade by Bank of America Securities, which downgraded CAE from Neutral to Underperform.
- Reason for Downgrade: Bank of America Securities downgraded CAE due to concerns about the company's profitability, with analysts noting that CAE's capacity growth in simulators may be outpacing demand. While CAE stands to benefit from the recovery in commercial air travel and a pilot shortage, these concerns weighed on its rating.
- Revised Earnings Estimates and Price Target: In response to the downgrade, Bank of America Securities has adjusted its earnings estimates for CAE and lowered its price target. The new price target is C$26 per share, equivalent to $19 per share in U.S. dollars, reflecting the analysts' updated assessment of the company's profitability.
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