The Globe and Mail reports in its Friday, April 19, edition that CIBC World Markets analyst Jacob Bout has reaffirmed his "outperformer" recommendation for Aecon Group. The Globe's David Leeder writes that Mr. Bout increased his share target to $22 from $21. Analysts on average target the shares at $18.17. Mr. Bout says in a note: "We continue to expect the drag from legacy projects on earnings/cash flow to be much lower in 2024/2025, and strong operating performance across the rest of its core construction business. We are raising our 2025 estimates (2024E unchanged) to reflect the recent award of the U.S. Virgin Islands airports redevelopment that will reach financial close in Q1/25. We increase our sum-of-the-parts price target from $21 to $22 (based on a 4.5 times construction and nine times utilities EV/EBITDA target multiple to our 2025 segment EBITDA estimates, plus concessions) and maintain our 'outperformer' rating. Note, we are currently holding the U.S. Virgin Islands concession at book value given the early stages of the project." The Globe reported on March 8 that National Bank Financial analyst Maxim Sytchev had reaffirmed his "sector perform" recommendation for Aecon Group. It was then worth $17.03.