The Globe and Mail reports in its Friday, Nov. 21, edition that National Bank Financial analyst Dan Payne is keeping his "outperform" call on CES Energy Solutions intact. The Globe's David Leeder writes that Mr. Payne gave his share target a $2.50 boost ti $13. Analysts on average target the shares at $12.31. Mr. Payne says in a note: "Recognizing our well-timed upgrade of CES Energy Solutions to 'outperform' in July (since which, it has appreciated 70 per cent, and outperformed the OSX and XEG Index by five times), we equally acknowledge that we are woefully underwater on our target price and valuation perspective. To that end, and in association with its solid third quarter results that continues to reflect a strong quality of earnings (associated momentum noted herein), we have revisited our thesis, estimates and target price. The punchline being, its uniquely tangible opportunities continue to expose upside to outperform a stagnant activity cycle (value sensitivity inside)." The Globe reported on July 4 that Mr. Payne had upgraded CES to "outperform" from "sector perform." It was then worth $6.96. The Globe reported Nov. 18 that Raymond James cut CES to "outperform" from "strong buy." It was then worth $10.72.