The Globe and Mail reports in its Tuesday edition that Ventum Capital analyst Daniel Lavoie started coverage on ADF Group with a "buy" recommendation and a $20.50 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $21. Mr. Lavoie says in a note: "Our investment thesis rests on five key pillars: infrastructure spending provides a multi-year demand runway; structurally improved core margins following investments in automation; Groupe LAR as a new growth platform with exposure to hydroelectric infrastructure; capacity expansion and revenue visibility driven by durable backlog; and a compelling valuation relative to peers at an inflection point on ADF Group's improved earnings durability. The key change in the ADF Group story, in our view, is not simply the size of the backlog, but its duration and composition. Multi-year contracts now provide revenue visibility several years forward, while the Canadian share of backlog has increased substantially. We believe this should reduce the historical volatility associated with ADF Group's project-based business and provide greater visibility around production, labour requirements and capital investments."