The Globe and Mail reports in its Friday, Sept. 29, edition that TD Securities analyst Aaron Bilkoski has lowered his rating call on Kelt Exploration to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bilkoski continues to target the shares at $8. Analysts on average target the shares at $8.79. Mr. Bilkoski says in a note: "Operationally and strategically, there is much we like about Kelt. However, even after we apply a historically robust (versus three-year average) multiple to cash flow predicated on a relatively robust commodity price, we do not calculate a 12-month return that meets the threshold for a 'buy' rating. As such, we are lowering our rating to 'hold.'" The Globe reported on Jan. 18 that Scotia Capital analyst Cameron Bean had downgraded Kelt Exploration to "sector perform" from "sector outperform." In the item, he said, "We see risks that 2023 could be another catalyst light year for the company." Kelt shares could then be had for $4.85. The Globe reported on April 11 that Mr. Bean had elevated his recommendation for Kelt Exploration to "sector outperform." The shares could then be had for $5.16.