The Globe and Mail reports in its Tuesday, July 1, edition that although Stantec's ($66.08) shares are trading near historical highs, the company's recent performance in the engineering and construction (E&C) sector warrants a premium valuation, says Desjardins Securities analyst Benoit Poirier. The Globe's Darcy Keith and Tim Shufelt write in the Eye On Equities column that Mr. Poirier says, "Stantec has delivered returns in the top quartile of the E&C space for three consecutive years, driven largely, in our view, by steady growth and exceptionally consistent execution." Mr. Poirier initiated coverage of Stantec with a "buy" recommendation and a $73 price target. Mr. Poirier says the company should be able to sustain its own growth through exposure to the oil and gas sector, which has rebounded in 2014 after a couple of tough years. Stantec's record of successful acquisitions will also support growth in the year ahead, says Mr. Poirier. The analyst consensus price target for Stantec over the next year, according to Thomson Reuters, is $73.04. The Globe's Craig McGee said Stantec was undervalued in the Number Cruncher column on May 22. The shares could then be had for $66.