The Globe and Mail reports in its Wednesday, May 17, edition that Raymond James analyst Andrew Bradford has reaffirmed his "strong buy" for CES Energy Solutions. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bradford shaved his share target back by 35 cents to $4.40. Analysts on average target the shares at $4.10. Mr. Bradford says in a note: "[First quarter] reported EBITDA was $77-million, which put it in-line with both the consensus ($76-million) and our own $77-million estimate. We are reducing our estimates nonetheless, predicated primarily on the steepened downward trajectory in U.S. drilling. Given CES Energy's share price today, the market is, in-effect, pricing the stock as though CES Energy's EBITDA were about to drop more than 40 per cent from current run-rate levels to approximately $175-$200-million. Considering CES Energy's market share gains in both U.S. drilling fluids and production chemistry over the last cycle, we think the market is over-pricing this downside scenario. We're forecasting $298-million EBITDA for 2023, which is down from our prior $309-million estimate. Our reduced estimate implies a similarly reduced target price."