The Globe and Mail reports in its Wednesday, Dec. 11, edition that ATB Capital Markets analyst Waqar Syed has elevated his recommendation for Calfrac Well Services to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Syed boosted his share target by a loonie to $5.50. Analysts on average target the shares at $5. Mr. Syed says in a note: "We see sharp inflection in Calfrac's FCF as its capital spending slows down, cash collection in Argentina sharply improves and FCF sharply inflects higher. We see FCF yield on market capitalization increasing from negative 17 per cent in 2024, a year when it outspent its cash flow to 23 per cent in 2025, as its spending is reined in and working capital becomes a source of cash. 2024 was a heavy year for Tier IV DGB equipment upgrades in NAM and for additions to equipment in Argentina. The company is likely to slow down NAM spending, with total capex falling from $190-million in 2024 to $140-million in 2025. Moreover, with a change in government in Argentina, collections are improving and working capital which resulted in $59-million of cash outflow in 2024, should provide $26-million in cash inflow."