The Globe and Mail reports in its Thursday, April 23, edition that TD Cowen analyst Tim James keeping his "buy" call on CAE intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. James gave his share target a $4 trim to $49. Analysts on average target the shares at $48.48. Mr. James does not expect any "material surprises" when CAE reports its fourth quarter 2026 financial results on May 12. Mr. James says in a note: "We believe consensus has appropriately discounted F2027/F2028 earnings pressure from recently announced transformation plan, and leaves upside potential. Financial target disclosure with Q4 will have heightened importance for 12-month view." Mr. James updated his forecast for the Montreal-based aviation and defence training company to reflect its transformation plan, which includes laying off approximately 2 per cent of its employees, including engineers and software programmers, to fit a strategy to align its work force with falling demand for simulators and aircrew training from civilian airlines. That led to a 5-per-cent decline in his earnings expectations through his current valuation period. Mr. James says his forecast for fiscal 2026 is in-line with CAE guidance.