The Globe and Mail reports in its Friday edition that ATB Capital Markets analyst Chris Murray, citing the value creation and potential future strategic opportunities brought by the $235-million sale of Aecon Group's Ontario Eastern road-building operation, raised his recommendation to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Murray bumped his share target by $2 to $14. Analysts on average target the shares at $13.11. Mr. Murray says in a note: "Aecon delivered strong revenue growth, though margins came in slightly below ATB estimates. Management reiterated its positive outlook for 2023, highlighting an active project pipeline, recent significant contract wins, and a $6.3-billion backlog. The backlog continues to provide long-term visibility into revenue generation, supported by an expanding mix of recurring revenue-based projects. Aecon Group is prequalified on several large projects likely to be awarded in 2023, which we expect to underpin book-to-bill trends (more than 1.0 times) in 2023. ... Management expects demand for its services to remain healthy. Management expects inflationary pressure to persist but is seeing no signs of a recession."