The Globe and Mail reports in its Wednesday edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Stantec. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev's share target soared by $9 to $105. Analysts on average target the shares at $97.55. Mr. Sytchev says in a note: "Stantec's water expertise and U.S. skew will continue to benefit the company in H2/23E. ... [Stantec] shares have had a tendency to sell off post prints. We would be using any downdraft opportunity to add as the market will be focusing on next strategic plan to be unveiled in early December, 2023. M&A provides another capital deployment optionality over the forecast horizon with leverage now sitting below 1.8 times. Speaking with management, margin expansion momentum will be driven by higher demand for environmental services (20 per cent of revenue) and being more selective when it comes to projects, apart from wage pressures largely being behind us (4-per-cent to 4.5-per-cent increases expected in 2023)." The Globe reported on Feb. 25 that Mr. Sytchev had reaffirmed his "outperform" call for Stantec when it was worth $79.40.