The Globe and Mail reports in its Friday, July 21, edition that CIBC World Markets analyst Jacob Bout has reaffirmed his "outperformer" ranking for Stantec. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bout boosted his share target by $9 to $95. Analysts on average target the shares at $91.40. Mr. Bout says in a note: "Stantec has seen organic revenue growth in each end-market since Q2/22, and there are no signs of a slowdown. Backlog is at record levels and is expected to continue to grow as it has yet to meaningfully reflect upcoming awards from the U.S. $1-trillion IIJA plan (Stantec is best positioned in our coverage to benefit given its 50-per-cent-plus U.S. presence). Wage pressure has eased as attrition rates have levelled, and we believe this should support margin expansion in 2023. We forecast adj. EBITDA margin of 16.4 per cent in 2023 (vs. Stantec guidance of 16-17 per cent) and closer to 17 per cent in 2024. We would not be surprised to see Stantec raise its 2023 net revenue growth guidance range (7 to 11 per cent) slightly higher when it reports Q2/23 results. We are raising our forward estimates slightly to reflect slightly higher organic revenue growth and margin expansion."