The Globe and Mail reports in its Friday, Jan. 12, edition that CIBC World Markets analyst Jacob Bout has boosted his recommendation for Aecon Group to "outperform" from "neutral." The Globe's David Leeder writes that Mr. Bout boosted his share target by $5.50 to $18. Analysts on average target the shares at $13.21. Mr. Bout issued his rating upgrade because he sees "significant potential upside in forward results and backlog in the back end of 2024 and 2025, as well as the transition to a much less riskier business model." Mr. Bout says in a note, "While legacy fixed-price project risk remains near term, cash flow should improve." The Globe reported on July 14 that Mr. Bout had lowered his ranking for Aecon Group to "neutral" from "outperform." The shares could then be had for $12.08. The Globe reported on Sept. 26 that Mr. Bout had reaffirmed his "neutral" call when the share could be had for $11.02. The Globe reported on Oct. 27 that Raymond James had cut Aecon to "market perform" from "outperform." It was then worth $9.30. The Globe reported on Dec. 15 that National Bank analyst Maxim Sytchev had reaffirmed his "sector perform" recommendation for Aecon. The shares could then be had for $11.99.