The Globe and Mail reports in its Saturday, Aug. 8, edition that BMO analyst Stephen MacLeod upgraded Altus Group ($19.93) to "outperform" from "market perform." The Globe's David Leeder writes that Mr. MacLeod continues to target the shares at $23.10. Analysts on average target the shares at $23.10. Mr. MacLeod says the "risk-reward looks attractive" for Altus Group shares. He says: "We believe the recent stock price weakness has largely been related to concerns around Geomatics in the context of lower oil and gas drilling activity (approximately 19 per cent of EBITDA; Q2/15 Geomatics results were in-line with our estimates, with EBITDA down 45 per cent). ... However, we believe the market is largely discounting this weakness into the stock, and we see more upside than downside from current levels. Our 2015E and 2016E EBITDA estimates are essentially unchanged. Our 2015E and 2016E EPS estimates have declined modestly due to non-operating items." Cormark Securities analyst Sarah Hughes moved her rating for Altus to "top pick" from "buy" with an unchanged target of $22.50. CIBC analyst Stephanie Price hiked Altus to "sector outperformer" in the Eye column on Jan. 9. The shares were then worth $21.31.