The Globe and Mail reports in its Friday edition that ATB Capital Markets analyst Waqar Syed has reaffirmed his "outperform" recommendation for Precision Drilling. The Globe's David Leeder writes in the Eye On Equities column that Mr. Syed jacked his share target ahead by $5 to $145. Analysts on average target the shares at $128.31. Mr. Syed says in a note: "We view the deal positively for four reasons: (1) The deal further consolidates the Canadian well service market, positioning Precision Drilling as a leader with 25 to 30 per cent of the well service market share, with the top-five players having nearly 53- to 58-per-cent market share. (2) Despite the merger-related cash costs and the acquisition of approximately $40-million of debt, Precision Drilling is maintaining its 2023 ($150-million) and 2023-2025 ($500-million) debt reduction targets. (3) Precision Drilling expects the deal to be accretive on a 2024 cash-flow/share basis supporting its deleveraging goals, and (4) we estimate that the deal is attractively priced at roughly 1.8x EBITDA when adjusted for the planned asset sales ($20-million) and synergies ($20-million). ... Overall, we view the deal positively, and this drives our PT increase."