The Globe and Mail reports in its Friday, March 15, edition that Stifel analyst Cole Pereira lowered his recommendation for Calfrac Well Services to "hold" from "buy." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Pereira gave his share target a $2 trim to $5. Mr. Pereira says in a note: "Calfrac reported 4Q23 results that were largely in line with expectations. However, due to a challenging 1Q24, a reduction in its U.S. fleet count and concerning peer commentary around frac pricing, Calfrac's near-term outlook has materially changed in our view. Our EBITDAS forecasts decline 25 per cent in 2024 and 11 per cent in 2025. Calfrac continues to boast meaningful upside to a U.S. activity recovery while its financial position is stronger than it's been in years (if not ever), but in the near-term we expect U.S. macro headwinds and material negative EBITDAS revision to limit upside on the stock from here." The Globe reported on Nov. 4, 2022, that Mr. Pereira had elevated his recommendation for Calfrac Well to "buy" from "hold." The Globe reported on June 16, 2023, that Mr. Pereira continued to rate Calfrac Well "buy." The shares could then be had for $4.09.