The Globe and Mail reports in its Friday edition that TD analyst Aaron MacNeil has lowered his recommendation for North American Construction Group to "hold" from "buy." The Globe's David Leeder writes that Mr. MacNeil continues to target the shares at $36. Analysts on average target the shares at $40.40. Mr. MacNeil says in a note: "North American Construction Group (NACG) continues to diversify its operations outside the oil sands with its recent acquisition of MacKellar. Alongside the transaction, we increased our terminal multiple in our NAV to seven times, and we are reluctant to make a case for further multiple expansion at this time as we believe investors have already priced in NACG winning its fair share of oil sands contract renewals that are expected in Q4/23 and strong execution on the MacKellar transaction. That said, our implied return to target is no longer sufficient to justify a 'buy' rating." The Globe reported on Dec. 10, 2021, that Mr. MacNeil had upgraded North American Construction to "buy" from "hold." The shares could then be had for $18.31. The Globe reported on July 28, 2023, that National Bank boosted its target for North American by $9 to $42, when it could be had for $32.90.