The Globe and Mail reports in its Friday, Jan. 5, edition that National Bank Financial analyst Maxim Sytchev has downgraded Bird Construction to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev is sticking with his $15 share target. Analysts on average target the shares at $16.28. Mr. Sytchev says in a note: "Since the start of 2023, 2024 consensus EPS [earnings per share] for Bird Construction has increased by 53 per cent while share price has advanced 72 per cent last year. Even with an anticipated standout performance in 2024, the likelihood of further material surprises is likely lessened while shares went parabolic and have reached the levels of 2012-2014 peaks when margins approached 8-per-cent EBITDA (if making the IFRS impact on like-for-like basis; this compares to 2025 forecast of 5.7 per cent). The higher expectations dynamic significantly reduces the margin of error when it comes to executing on the company's project portfolio (let's not forget that any unforeseen hiccups can be painful as we have seen with Bird pre-2016 and Atkins, Aecon, etc. over the years). Heightened expectations also apply to bookings momentum."