The Globe and Mail reports in its Thursday edition that although Raymond James analyst Ben Cherniavsky feels there is not "anything particularly bad" about CAE's third quarter financial results, its earnings "have not been robust enough to justify the stock's increasingly elevated valuation." The Globe's David Leeder writes in the Eye On Equities column that Mr. Cherniavsky reiterated his "market perform" rating, while lowering his share target to $24.50 from $25. Analysts on average target the shares at $27.77. On Tuesday, the Montreal-based company, which provides training for the civil aviation, defence and security, and health care markets, reported earnings per share of 26 cents, missing Mr. Cherniavsky's forecast by four cents and the consensus by a penny. Mr. Cherniavsky says in a note: "While CAE's financial performance ... has generally met our expectations, it remains below where we think it should be relative to the amount of capital that has been invested in the company, the operating leverage that is inherent in the business, and the strong macro tailwinds that are present at this (late) stage of the cycle." Elsewhere, Desjardins Securities' Benoit Poirier kept a "buy" rating and $30 target.