The Globe and Mail reports in its Friday, May 3, edition that National Bank Financial analyst Maxim Sytchev continues to rate North American Construction Group "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev raised his share target for North American Construction Group to $47 from $46. Analysts on average target the shares at $44. Mr. Sytchev says in a note: "Too much attention was attributed to utilization rate, a percentage that bounces around a lot depending on fleet movements (as was the case in the quarter between two mines in Canada). We believe the market should be paying for EBITDA, not one of a myriad of KPIs. With reiterated guidance and focus on deleveraging, we are again very constructive on the name and buyers at this level as the market is trying to figure out what to do with the name." The Globe reported on April 19 that TD Cowen analyst Aaron MacNeil had downgraded his recommendation for North American Construction Group to "hold" from "buy." The shares could then be had for $28.38.