The Globe and Mail reports in its Saturday, May 7, edition that Industrial Alliance Securities analyst Elias Foscolos has downgraded his rating for Enerflex ($9.01) in reaction to "noisy" first quarter 2016 results. The Globe's David Leeder writes that Enerflex posted revenue of $272-million, missing Mr. Foscolos's projection of $319-million and the consensus of $308-million. The result was a drop of $87-million year over year, due largely to weaker-than-expected compressor servicing and engineered systems sales. Mr. Foscolos says in a note: "The Q1/16 headline EBITDA displayed a significant amount of noise resulting in a negative headline EBITDA of [a loss] of $68.5-million. This headline value took into account several one-time charges that, in our view, made it misleadingly low. This included a goodwill impairment of $92.1-million among other one-time charges, resulting in a substantially negative impact in the calculation of the headline EBITDA. After we adjusted the headline EBITDA for noise, the adjusted EBITDA was calculated at $41-million." Moving his rating to "buy" from "strong buy," Mr. Foscolos lowered his target price to $13.50 from $15. Analysts on average target the shares at $14.38.