"We view CAE as a well-run company, with exposure to solid long-term trends in pilot training and defense spending. However, the shares trade most expensive in our coverage group, and we therefore see these trends as being appropriately reflected at current levels," said analyst James McGarragle.

Furthermore, following an "impressive" turnaround in the company's defense segment and some near-term macro headwinds that are expected to weigh on Civil results, RBC sees less in the way of catalysts.

"Net-net, we view solid secular tailwinds as being offset by full valuation, and see risk-reward as well-balanced.

Price: 34.47, Change: -1.59, Percent Change: -4.41

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