The Globe and Mail reports in its Tuesday, Sept. 26, edition that CIBC World Markets analyst Jacob Bout has reaffirmed his "neutral" recommendation for Aecon Group. The Globe's David Leeder writes that Mr. Bout boosted his share target by $1.50 to $13. Analysts on average target the shares at $13.75. Mr. Bout says in a note: "In the near term, we continue to see risk from the four legacy fixed-price projects that have weighed on 2022 and year-to-date 2023 results. While the company has already taken write-downs associated with the CGL and Finch West projects, we believe further write-downs associated with Eglinton (in H2/23) and Gordie Howe (in 2024) are a possibility. That said, Aecon is transitioning away from a P3 model to a collaborative/progressive design-build model for its larger projects, and this should reduce margin/execution risk longer term. Excluding the legacy projects, the rest of the business is displaying positive revenue and profitability trends, and recent infrastructure and nuclear project awards that are set to add billions to backlog. But given the risk for further legacy project write-downs near term, we expect investors will take a more modest view on valuation."