The Globe and Mail reports in its Friday edition that Raymond James analyst Andrew Bradford has lowered his recommendation for Secure Energy Services to "outperform" from "strong buy." The Globe's David Leeder writes that Mr. Bradford is sticking with his $9.25 share target. Analysts on average target the shares at $8.70. Mr. Bradford likes Secure Energy, but does not see any near-term catalysts to lift the stock. Mr. Bradford says in a note: "The market had a visceral negative reaction to Secures 1Q23 disclosures -- resetting the stock level approximately 5 per cent lower, which at least in part, we attribute to its incremental $50-million allocation to a water-disposal project in the Montney. To the extent this attribution is accurate, the market effectively erased $90-million of market value predicated on a $50-million capital project. Weighing the project on its own merit, 90 per cent of its capacity is contracted on a take-or-pay basis for 12 years, providing approximately $10-million in annual EBITDA, making for an approximate five times build multiple. Secure expects the project will commission late in 2023/early 2024. We expect Secure may fill the remaining 10 per cent of capacity on the spot market."