The Globe and Mail reports in its Tuesday edition that ATB Capital Markets analyst Tim Monachello has reaffirmed his "outperform" recommendation for CES Energy Solutions. The Globe's David Leeder writes in the Eye On Equities column that Mr. Monachello gave his share target a $1 trim to $10. Analysts on average target the shares at $10.34. Mr. Monachello says in a note: "CES Energy is down 40 per cent year-to-date, 21 per cent since Liberation Day and is up 4 per cent over the past 12-months. While CES is down more ytd than most pure-play drilling and completions companies, it's cyclical drilling fluids business represents roughly 45 to 50 per cent of CES's EBITDA, with the remaining 50 to 55 per cent generated from its much less cyclically exposed production chemicals businesses. In addition, CES had roughly $636-million non-cash working capital at year-end 2024, and in periods of activity decline CES has been able to harvest significant working capital; our downside scenario analysis suggests CES could ultimately generate higher FCF in a downside scenario as it curtails capex and harvests working capital. Fundamentally, CES continues to drive meaningful market share expansion across its North American platform."