More on the CIBC target revision CIBC’s Jacob Bout increased his target for shares of Aecon Group Inc. (ARE-T) to $22 from $21 with an “outperformer” rating. The average is $18.17. “We continue to expect the drag from legacy projects on earnings/cash flow to be much lower in 2024/2025, and strong operating performance across the rest of its core construction business,” said Mr. Bout. “We are raising our 2025 estimates (2024E unchanged) to reflect the recent award of the U.S. Virgin Islands airports redevelopment that will reach financial close in Q1/25. We increase our sum-of-the-parts price target from $21 to $22 (based on a 4.5 times Construction and 9 times Utilities EV/EBITDA target multiple to our 2025 segment EBITDA estimates, plus Concessions) and maintain our Outperformer rating. Note, we are currently holding the U.S. Virgin Islands Concession at book value given the early stages of the project.”