The Globe and Mail reports in its Thursday, Nov. 16, edition that Scotia Capital analyst Konark Gupta is keeping his "sector outperform" call on CAE intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta cut his share target back by $1.50 to $36.50. Analysts on average target the shares at $37.08. Mr. Gupta says in a note: "Consolidated FQ2 results came in slightly ahead as civil continued to exhibit strength while defense margin disappointed due to timing-related mix issues. As CAE expects these trends to continue in fiscal 2H, it raised full-year civil guidance and trimmed defense guidance for a net negative impact on our F2024 EBIT outlook. We have also reduced our F2025 EBIT estimate considering defense mix noise will likely continue in at least the first half of next fiscal year. However, on the positive front, working capital rebounded early for a nice FCF, backlog continued to break records in both segments, and pro forma leverage ratio reached CAE's target of three times, paving the way for potential reinstatement of shareholder returns in early 2024. We are reducing our target on revised estimates. ... We expect continued double-digit EPS growth over the next 2.5 years."