The Globe and Mail reports in its Tuesday edition that Industrial Alliance Securities analyst Elias Foscolos continues to rate CES Energy Solutions "buy." The Globe's David Leeder writes that Mr. Foscolos lowered his share target to $4.25, from $4.50. Analysts on average target the shares at $4.96. Mr. Foscolos says in a note: "In our view, CEU's growth platform remains intact despite the issues on margin. We anticipate that the financial performance in Q1/19 will be similar to Q4/18 with reported earnings before interest, taxes, depreciation and amortization IFRS16 of $42-million. With capital build-outs largely complete and a modest increase in working capital, free cash flow generation should be substantial. Our target price is being trimmed to $4.25 based on a lower outlook for Canadian drilling in 2019, however, our 2020 outlook remains relatively unchanged." The Globe reported on Feb. 6, 2018, that Mr. Foscolos upgraded CES Energy to "strong buy" from "buy" and its share target to $7.75 from $7.50. The shares were then worth $5.71. The Globe reported on Dec. 5, 2018, that Mr. Foscolos, with an unchanged "strong buy" rating, trimmed his share target to $4.75 from $5. The shares could then be had for $3.01.