The Globe and Mail reports in its Tuesday, Jan. 27, edition that TD Cowen analyst Aaron MacNeil downgraded CES Energy Solutions to a "hold" recommendation, seeing the return to his target "no longer sufficient to justify a 'buy' rating." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacNeil advanced his share target by $4 to $16. Analysts on average target the shares at $13.49. Mr. MacNeil says in a note: "CES continues to demonstrate best-in-class operational performance and market leadership, with a differentiated business model that consistently delivers EBITDAS margins at or above management's guidance. CES's ability to convert EBITDA into free cash flow also outpaces peers, supporting robust shareholder returns through a steady cadence of share buybacks and a growing dividend. Finally, the company's production-weighted revenue mix and counter-cyclical balance sheet provide resilience and recurring cash flow, even in challenging industry environments. ... The current valuation leaves little room for further upside in our view, with the market seemingly pricing in meaningful growth which we expect in 2026."