The Globe and Mail reported on Friday, May 12, edition that Raymond James analyst Frederic Bastien has cut Stantec to "outperform" from "strong buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bastien continues to target the shares at $90. Analysts on average target the shares at $89.10. Mr. Bastien says in a note: "We are lowering our rating on Stantec down a notch after a 43-per-cent run in the share price over the past twelve months swung its valuation from a discount to a premium relative to its engineering peers. This outperformance aligns with our view the market could no longer ignore Stantec's improving and more consistent performance, impressive ESG attributes, and bright future. ... We believe our Best Pick for 2023 has lots left in the tank. ... Stantec's backlog is underweight the two sectors we view as most vulnerable to rising interest rates. Urban land and commercial together make up 12 per cent of revenue, leaving us far removed from the 2008 [financial crises,] when they combined for well over a third of fees. This leaves us confident no sector can veer it off course anymore." Mr. Bastien says Stantec is "an increasingly defensive and sustainable stock."