The Globe and Mail reports in its Wednesday, April 23, edition that Raymond James analyst Frederic Bastien has elevated his recommendation for Aecon Group to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bastien continues to target the shares at $23. Analysts on average target the shares at $25.59. Mr. Bastien says in a note: "We are upgrading the contractor to outperform as a number of factors now combine to outweigh the near-term risks linked to its legacy fixed-price contracts (the EFGs). The firm enjoys distinct competitive advantages in low-carbon construction activities such as nuclear power and utility MSA work, shows in a more favourable light with an order book increasingly weighted to cost-plus, unit price work and recurring utility work, and boasts a record order book following the conversion of the Scarborough Subway Extension project into backlog. Perhaps more importantly, Aecon's enterprise value, expressed as a multiple of EBITDA, has returned to a more reasonable 5.3 times, leaving investors with a more attractive risk-reward profile. With all that said, we don't see Aecon's 1Q25 print acting as a catalyst for the stock."