The Globe and Mail reports in its Friday, Dec. 5, edition that ATB Capital Markets analyst Tim Monachello rates Calfrac Well Services "sector perform," with a $4.25 share target, calling it "a high-quality pure-play in Canadian completions." The Globe's David Leeder writes that analysts on average target the shares at $4. Mr. Monachello says in a note: "While we believe Calfrac offers significant medium-to-long term upside potential as it has significantly derisked its balance sheet and its H1/25 results showcased the potentially transformational upside of its Argentina operations; we believe Calfrac's 2026 outlook is somewhat tenuous amid sub-$60 (U.S.)/bbl WTI, and as pipeline constraints in Argentina are likely to temper activity until late-2026 or 2027. Further, we believe upside realization remains dependent on CFW s ability to demonstrate improving North American activity and margins in H1/26 and visibility to more consistent activity levels in Argentina where earnings volatility has been extreme. ... Calfrac's Argentina operations are a sizable and high torque exposure to the Vaca Muerta shale play, one of the world's most prolific onshore unconventional oil and gas resources."