The Globe and Mail reports in its Friday, April 19, edition that TD Cowen analyst Aaron MacNeil believes that North American Construction Group's recent underperformance due to a fourth quarter earnings miss presents an opportunity to buy a high-quality company at an attractive valuation. The Globe's David Leeder writes that as a result, Mr. MacNeil has increased his recommendation for the company's shares from "hold" to "buy." After comparing the Alberta-based company with four Australian mining services peers, Mr. MacNeil concluded that North American Construction Group's recent acquisition of MacKellar Group for $395-million is a significant factor in its growth potential. Mr. MacNeil maintained his $34 share target. Analysts on average target the shares at $44. Mr. MacNeil says in a note: "50 per cent of North American Construction's revenues are derived from high carbon energy end markets, well above its Australian peers that are increasingly focused on 'future-focused metals' exposure. In our view, the end market focus of this comparative group likely reduced local interest in the MacKellar Group prior to [the company's] acquisition and allowed it to acquire MacKellar at attractive valuation metrics."