The Globe and Mail reports in its Friday edition that CIBC analyst Jacob Bout upgraded Aecon Group to "outperformer" from "neutral." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bout continues to target the shares at $20. Analysts on average target the shares at $18.80. Mr. Bout says in a note: "A lot has changed since ARE announced that it was up for sale, and we are of the view that ARE's shares should trade higher than pre-announcement levels: (1) The company will add over $2-billion to its backlog (or 40-50-per-cent increase), with significant scope for further large projects wins in the near to medium term ($25-$30-billion worth of projects in the pipeline). (2) With recent project wins, we see the shift in sales/backlog mix toward long-term complex transportation, nuclear and pipeline work positively supporting margin expansion for the next several years (ARE targeting 7.5-8.0 per cent). (3) Our discussions reveal that the new CEO search is in full swing; a potential near-term announcement could be a catalyst for the share price. (4) ARE currently trades at a steep valuation discount -- 2019 EV/EBITDA multiple of 4.5-5.0 times versus construction peers at 6.5 times."