The Globe and Mail reports in its Thursday edition that BMO Nesbitt Burns analyst Devin Dodge has upgraded his recommendation for Aecon Group to "outperform" from "market perform." The Globe's David Leeder writes that Mr. Dodge boosted his share target by $3 to $15. Analysts on average target the shares at $16.09. Mr. Dodge calls Aecon Group "an under-the-radar small cap idea." Mr. Dodge thinks the sale of Aecon's Ontario road-building business and a minority interest in its concession for the Bermuda airport "highlight underappreciated value." Mr. Dodge says in a note: "In our view, there is an improving risk/reward for the shares underpinned by strong demand fundamentals, moderating financial leverage and legacy fixed-price projects nearing completion, with potential claims recoveries representing incremental upside. ... Aecon (ex. concessions) is trading at 4.8 times its forward EBITDA estimate, which is well below its historical average of 7.5 times and at the low end of its historical range (4.2 times to 11 times). Moreover, Aecon's multiple is near the low-end of the range of its global peers. As headwinds from its fixed-price projects begin to ease, we expect Aecon's multiple to gradually shift higher."