The Globe and Mail reports in its Thursday edition that with Aecon Group's valuation in line with historical norms and at a premium to the North American construction average, Stifel analyst Ian Gillies felt prompted to downgrade his recommendation to "hold" from "buy." The Globe's David Leeder writes that Mr. Gillies, however, boosted his share target to $18 from $17.25. Analysts on average target the shares at $20.10. Mr. Gillies says in a note: "Aecon's business continues to benefit from government spending tailwinds and increased infrastructure spending. However, we believe much of this has now been priced into the stock. More specifically, the current 2023 estimated P/E of 14.0 times is modesty above the 10-year average. With the potential for cost pressures, we believe it is challenging to argue for the company to trade to the upper end of the 10-year range of 16.1 times. ... The stock bottomed on March 15 at $15.54 and has since regained 9.5 per cent, as the market has recalibrated around the updated business outlook. Recall, the 2022 gross and EBITDA margin outlook changed dramatically with 4Q21 results as disclosures changed relating to 2021 CEWS contribution, which tempered expectations of future years."