The Globe and Mail reports in its Tuesday, Jan. 13, edition that TD Cowen analyst Tim James has reaffirmed his "buy" recommendation for CAE. The Globe's David Leeder writes in the Eye On Equities column that Mr. James gave his share target a $7 boost to $53. Analysts on average target the shares at $45.33. Mr. James says in a note: "The current environment of increasing global defence spending is very positive. The fact that Canada has plans to ramp up spending at high rates to historically unprecedented levels bodes especially well for CAE given our view of the addressable market it has for opportunities in Canada. We believe CAE has exposure to all major defence procurements. We estimate Canadian defence spending could grow at 10 to 15 per cent annually for five to 10 years with a political desire for domestic benefits driving higher potential growth for domestic players. ... CAE is trading at 14.1 times (consensus), 1.1-times discount being greater than trailing five-year avg of 0.1 times. We see no reason for CAE to trade at a greater discount than the past and believe it could move to a premium in the current environment. Our updated segment multiples imply a consolidated forward EBITDA multiple of 14.1 times."