The Globe and Mail reports in its Thursday, March 14, edition that Industrial Alliance Securities analyst Elias Foscolos lowered his rating on CES Energy Solutions ($2.93) to "buy" from "strong buy." The Globe's David Leeder writes that Mr. Foscolos also reduced his share target to $4.50 from $4.75. Analysts on average target the shares at $4.88. On Tuesday after market close, CES posted revenue for the final quarter of fiscal 2018 of $348-million, exceeding both the consensus expectation on the Street ($325-million) and Mr. Foscolos's projection ($335-million). The 25-per-cent jump year-over-year was due primarily to growth in its United States business as well as contributions from PureChem in Canada. Mr. Foscolos says he wants to wait until margins stabilize. Mr. Foscolos says in a note: "Declining gross margin resulted in modest full-year adjusted. EBITDA growth of 9 per cent relative to revenue growth of 23 per cent. The company expects 2019 growth CAPEX to decline below recent levels with most of its planned infrastructure build-out now complete, and expects to generate material free cash flow which will be able to fund the dividend and continued share repurchases. We have adjusted our outlook downward."