The Globe and Mail reports in its Friday, March 8, edition that CIBC analyst Jacob Bout has lowered his recommendation for Bird Construction to "neutral" from "outperformer." The Globe's David Leeder writes that Mr. Bout gave his share target a $3 boost to $20. Analysts on average target the shares at $20.69. Mr. Bout says in a note: "Bird Construction reported a decent Q4/23 and provided solid outlook commentary for 2024 alongside a new record backlog level. We have raised our 2024 and 2025 estimates to reflect higher sales growth (10-11 per cent per year for the next two years) and further margin expansion (approximately 55 basis points per year). Our price target increases from $17 to $20 (closed Thursday at $18.33). ... While fundamentals remain strong, we believe that Bird's current share price and valuation (5.5 times consensus 2025 EV/EBITDA) already bake in its constructive outlook, and believe the share price may see a period of consolidation following its 115-per-cent rise over the past 12 months." The Globe reported on July 14, 2022, that Mr. Bout rated Bird to "neutral." It was then worth $7.04. The Globe reported on Dec. 15, 2024, that National Bank rated Bird "outperform." It was then worth $14.10.