The Globe and Mail reports in its Friday, June 24, edition that RBC Dominion Securities analyst Walter Spracklin commenced coverage on CAE with an "outperform" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Spracklin set a share target of $40, 29 cents below the consensus. Mr. Spracklin says he is "positive" on CAE, citing "secular industry tailwinds, its differentiated service offering and significant investment made during the pandemic." Mr. Spracklin says the stage is set "for robust earnings growth in the long term." Mr. Spracklin says in a note: "We believe secular tailwinds will support 13-per-cent revenue CAGR [compound annual growth rate] FY22-FY25. Key drivers of this growth are: i) a medium-term recovery in passenger travel to pre-pandemic levels (35-per-cent growth to reach 2019 levels); ii) pilot training demand expected to grow at 5-per-cent CAGR out to 2029; and in the defense segment iii) increased spending by NATO members driven by Russia s invasion of Ukraine. ... We believe this acts as a significant barrier to entry resulting in a secular growth trend and stable margins."