The Globe and Mail reports in its Thursday, May 9, edition that Stifel analyst Cole Pereira continues to rate Calfrac Well Services "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Pereira trimmed his share target to $4.50 from $5. Analysts on average target the shares at $5.25. Mr. Pereira says in a note: "Calfrac Well Services reported challenging 1Q24 results that were previously telegraphed but did land below Stifel and consensus estimates. Positively, the company is already seeing a meaningful improvement in North American utilization, though segment EBITDAS will still be well below 2023 (Stifel: down 42 per cent). Additionally, the Milei government's economic reforms in Argentina are leading to opportunities to repatriate cash out of the country near-term and potentially relocate equipment. Argentina comprises 23 per cent of our EBITDAS forecast prior to corporate costs. However, we have reduced our EBITDAS forecasts by 12 per cent in 2024 and 7 per cent in 2025, while FCF and EPS also decline. Calfrac's business should demonstrate a step-change in profitability going forward, but we remain cautious given its recent earnings volatility."