The Globe and Mail reports in its Friday, April 26, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "sector perform" recommendation for Aecon Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev gave his share target a $3 boost to $18. Analysts on average target the shares at $19.55. While Aecon Group delivered "a much cleaner" quarterly report, Mr. Sytchev says he is "staying on sidelines, seeing better value on other pockets [of the engineering and construction industry]." Mr. Sytchev says in a note: "2019 was the last clean year before the pandemic and at that time, EBITDA stood at $229-million while revenue amounted to $3.5-billion vs. our projection of $4.3-billion. Embedded operating leverage on a 22-per-cent revenue increase seems too large for us (caveat being multiple divestitures, etc. that complicates the calculation of economic interest and comparability). Speaking with investors, we are often being quoted the $365-million figure as the reason for the shares being undervalued, but when accounting for economic ownership of the current asset base and the 6.7 times EV/EBITDA multiple on 2025 estimates, we think the shares are fairly valued."