The Globe and Mail reports in its Friday edition that Raymond James analyst Frederic Bastien has cut Aecon Group to "market perform" from "outperform." The Globe's David Leeder writes that Mr. Bastien gave his share target a $2 trim to $14. Analysts on average target the shares at $13.65. Mr. Bastien says he is "moving to the sidelines" on Aecon Group after "another disappointing" quarterly report. Mr. Bastien says in a note: "To be clear, the company still has lots going for it. Aecon Group's nuclear refurbishment and utility contracting services are enjoying strong momentum just as the supply-demand pendulum has swung back in its favour. But challenges in ring-fencing the Big Four's losses are simply proving too hard for us to ignore in today's increasingly volatile macro environment. With the year-end audit likely to bring more losses, and the seasonally weak first quarter unlikely to act as a catalyst, investors can revisit this stock at a later date. ... It is our view that the current risk surrounding the three remaining projects is too great to expect outperformance versus the market." The Globe reported on Sept. 26 that CIBC had reaffirmed its "neutral" call for Aecon when it could be had for $11.02.