The Globe and Mail reports in its Thursday, July 4, edition that Stifel analyst Ian Gillies has reaffirmed his "hold" recommendation for Aecon Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gillies gave his share target a 50-cent boost to $16.50. Analysts on average target the shares at $18.64. Mr. Gillies says in a note: "This is the first acquisition for the company's utilities roll-up strategy, and we believe it has a strong strategic rationale with a reasonable valuation (five times EV/EBITDA). We find the utilities' roll-up strategy attractive, and this deal depicts the ability to acquire at attractive multiples (which had been in question). However, it does not outweigh our concerns over the four fixed-price legacy contracts. We have modestly increased our target price to $16.50 from $16.25, but retain our 'hold' rating (despite nearly 25-per-cent upside due to higher-than-average risk)." The Globe reported on April 26 that National Bank Financial analyst Maxim Sytchev had reaffirmed his "sector perform" recommendation for Aecon Group. In the item, Mr. Sytchev said the shares were "fairly valued."