The Globe and Mail reports in its Tuesday, Aug. 1, edition that CIBC analyst Jamie Kubik has reiterated his "outperformer" recommendation for Precision Drilling. The Globe's Darcy Keith writes that Mr. Kubik boosted his share target by $15 to $110. Analysts on average target the shares at $122.83. Mr. Kubik says Precision Drilling's valuation is difficult to ignore at current levels. Mr. Kubik says in a note: "Our EBITDA expectations increase slightly after incorporating PD's Q2/23 earnings disclosures. We are modelling weakening margins through 2H/23 and into 2024, but even with conservatism in our estimates, we have the shares trading at less than three times EV/EBITDA in 2024 and 2025, which remains well below the historical range for PD of four times to six times. We expect the shares to carry a discounted multiple due to concerns of a recession resulting in leaner activity, although we believe our outlook accommodates potential weakness. ... The stock has performed favourably leading into Q2/23 earnings and we believe PD's update should provide the market with better optimism for 2H/23 performance." Mr. Kubik says he would not be surprised to see Precision increase cash returns to shareholders in 2024.