The Globe and Mail reports in its Tuesday, Sept. 9, edition that BMO Nesbitt Burns analyst Ben Pham has downgraded Gibson Energy to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Pham says in a note: "We continue to have a positive view on Gibson's growth initiatives at Gateway. This has allowed the company to grow EBITDA and FCF even as its marketing segment is at the bottom of cycle levels (tight diffs). However, considering the recent run-up in the stock, we believe this positive outlook is already reflected in the share price." Mr. Pham note that there is more than $1-billion of potential growth "not yet embedded" into his revised target for Gibson shares, which he had boosted by a loonie to $27. Mr. Pham emphasized "these projects are longer-dated." Analysts on average target the shares at $26.71. The Globe reported on June 18 that TD Cowen analyst Aaron MacNeil had downgraded Gibson Energy to "hold" from "buy." It was then worth $24.27. The Globe reported on July 31 that National Bank Financial analyst Patrick Kenny continued to rate Gibson Energy "sector perform." Its shares could then be had for $24.98.