The Globe and Mail reports in its Tuesday, May 5, edition that Industrial Alliance Securities analyst Elias Foscolos says a stronger-than-expected Canadian dollar could negatively impact Enerflex ($16.24) going forward. The Globe's David Leeder writes in the Eye On Equities column that Mr. Foscolos sees about 75 per cent of Enerflex's revenue coming from outside Canada. He says, "As a result currency changes have a substantial impact on its financial performance." Mr. Foscolos is forecasting earnings per share of 27 cents in the first quarter, compared with a 30-cent consensus. The company's fourth quarter 2014 earning per share was 23 cents. Mr. Foscolos lowered his price target to $20 from $21. Analysts on average target the shares at $19.61. Mr. Foscolos continues to rate the shares "strong buy." The analyst says: "We classify Enerflex as a defensive stock for investors interested in investing in the energy service space due to its lower correlation with North American oil drilling activity. There are three reasons we continue to recommend EFX. First, it is trading at a low multiple compared to its peers. Second, it should exhibit EBITDA growth in 2015. Finally, its debt is very manageable."