The Globe and Mail reports in its Friday, July 4, edition that National Bank Financial analyst Dan Payne has elevated his recommendation for CES Energy Solutions to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne is sticking with his $14.50 share target. Analysts on average target the shares at $9.56. Mr. Payne says in a note: "Overall, we are highlighting the tactical opportunities offered through the unique market exposures of our domestic coverage, which is not fairly appreciated by the street. That differentiated positioning should be increasingly observed through the balance of the year, and if not, then we wonder if an M&A cycle doesn't emerge (backfilling lagging earnings in ROW with higher-quality Canadian earnings; U.S. comps offered within). Recall, in most scenarios, stability of returns and outcome to free cash flow remains strong, with little inherent risk as balance sheets remain strong." The Globe reported on April 22 that Mr. Payne had reaffirmed his "sector perform" call on CES Energy. It was then worth $6.02. The Globe reported on May 6 that ATB Capital rated CES Energy "outperform." It was then worth $6.22.