The Globe and Mail reports in its Friday, July 18, edition that TD Cowen analyst Aaron MacNeil downgraded Pason Systems from "buy" to "hold" as he anticipated the company's second quarter results. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. MacNeil continues to target the shares at $13, which he thinks does not provide enough upside for a buy rating. Mr. MacNeil says in a note: "Following Q1/25 results, Pason's share price has increased about 10 per cent, and is trading at a 36-per-cent premium to the energy services peer group on a 2025E EV/EBITDA basis. Note that Pason is trading at a slight discount to its four-year average multiple (5.6 times vs. six times); however, given our prevailing sector outlook, we believe that a modest discount is warranted. Specifically, we are not contemplating a meaningful rebound in industry activity until H2/26, and would characterize the broader outlook as having meaningful uncertainty. ... Pason's business model has high fixed costs, and as a result, features meaningful operating leverage to changes in industry activity. As a result, we are decreasing our estimates by about 5 per cent for Q2/25, 2 per cent for 2025 and 1 per cent for 2026."