The Globe and Mail reports in its Tuesday edition that Raymond James's Michael Barth has lowered CES Energy Solutions to "outperform" from "strong buy." The Globe's David Leeder writes that Mr. Barth gave his share target a 75-cent boost to $13.25. Analysts on average target the shares at $12. Mr. Barth says in a note: "We initiated coverage on CES Energy with our 'strong buy' rating in early-2024, and the stock has since gone on to deliver a total shareholder return of 228 per cent (significantly outperforming both the TSX and S&P 500 at 44.0 per cent). Even as we revise estimates higher (again), we now have CES trading at a 9.5-per-cent 2026E sustaining FCF yield. To be clear, we still think that's attractive with an underlevered balance sheet, the highest ROIC in the group, plenty of secular growth drivers unique to CES, and a management team with a history of capital discipline. ... It's just not in the same pound-the-table territory that we've seen for much of the last two years. While we're comfortable with where we sit today, we can easily wrap our head around CES delivering even better top line growth and margin recovery, particularly if the industry rig count starts to move even modestly higher next year."