The Globe and Mail reports in its Tuesday edition that TD Securities analyst Linda Ezergailis has elevated her recommendation for Canadian Utilities to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Ms. Ezergailis continues to target the shares at $37. Analysts on average target the shares at $36.93. The TD stockpicker cites Canadian Utilities' recent share price "underperformance" for her rating upgrade. Ms. Ezergailis says in a note: "Since we last published on the company, Canadian Utilities' share price has dropped almost 13 per cent, underperforming its utilities peer group, which experienced a share-price decline of 8 per cent, and our coverage universe, which saw share prices decrease 4 per cent. Canadian Utilities downward share-price movement implies a higher return to target, and as a result, we are upgrading the stock. ... It is important to note that this upgrade is driven entirely off of the company's stock performance and is not indicative of any material change that we are aware of in the fundamentals of the company. ... We believe the significant long-term growth opportunities related to energy transition and electrification are not reflected in valuations."