The Globe and Mail reports in its Tuesday, May 12, edition that Raymond James analyst Andrew Bradford has downgraded Enerflex ($14.65) from "outperform" to "market perform." The Globe's David Leeder and Clare O'Hara write in the Eye On Equities column that Mr. Bradford cut his share target by $2 to $16. Enerflex posted pretax earnings of $53-million, below the consensus of $57-million but matching the analyst's forecast. However, bookings reached a record low of $141-million, compared with the analyst's estimate of $205-million. Mr. Bradford says, "We expect that low bookings levels in Canada will persist through [the second quarter] but should rebound to some degree in [the second half of 2015] as the rig count recovers." Accordingly, Mr. Bradford reduced his North American bookings forecast by 20 per cent (to $730-million) for 2015 and 14 per cent (to $1.1-billion) in 2016. Those figures match 2013 results. Mr. Bradford also expects the company's backlog to persist. It finished the quarter with a global backlog of $715-million in its engineered systems business, a low since the third quarter of 2013. Analysts on average target the shares at $18.28.