The Globe and Mail reports in its Wednesday edition that CIBC analyst Jon Morrison cut his rating for Calfrac Well Services ($1.16) to "sector performer" from "sector outperformer" because of "headwinds that need to be addressed before we can focus on the 'upside case' in the equity." The Globe's David Leeder writes in the Eye On Equities column that Mr. Morrison cut his share target to $2.25 from $3. Analysts on average target the shares at $2.59. Mr. Morrison says in a fourth quarter earnings preview that the coming year will be "one of the most trying periods for the oil field services sector in three decades." He says activity levels for the quarter are largely in line with his projections. However, "immense" volatility in commodity prices and troubling data points lead to his pessimistic outlook. He says: "The coming year will be a period that harvests structural winners and losers, and leaves a number of bankruptcies and balance sheet restructurings ahead. As such, we believe 2016 will be a year entirely about survivability and strategic positioning." He recommends investors use "strong caution" on holding oil field service equities "with any material exposure to the oil sands development."