The Globe and Mail reports in its Friday, July 7, edition that ATB Capital Markets analyst Tim Monachello has reaffirmed his "outperform" recommendation for CES Energy Solutions. The Globe's David Leeder writes that Mr. Monachello continues to target the shares at $4.50. Analysts on average target the shares at $4.08. Mr. Monachello says in a note: "CES Energy shares are down 5 per cent year-to-date, which is roughly in line with the sector and slightly better than the average U.S.-drilling-cycle-exposed company in our coverage. CES Energy has a diversified, low-capital-intensity exposure to the North American energy service complex, with just a roughly 10 per cent weighting to dry gas drilling across its drilling fluids operations. In addition, CES Energy produces consumable products that are not as susceptible to industry surpluses as higher-capital-intensity, equipment-based businesses. Taken together, we believe CES Energy is relatively well insulated from U.S. activity declines, and we do not anticipate any material margin pressure. CES Energy's operational exposures are supportive of our view that the company is in the midst of a low-risk and sustainable free cash flow inflection."