Mondays analyst upgrades and downgrades - The Globe and MailStrategically, we believe NOAs IMC acquisition, Canadian heavy equipment asset sales and Australian asset purchases result in a material reduction of NOAs Canadian oilsands exposure, likely reducing earnings volatility, which we view as positive. That said, we believe increased leverage and lower FCF generation in 2026 will limit near-term upside, at least until NOA is able to demonstrate a more consistent FCF generation profile and material contract awards to de-risk its 2027 growth ambitions. As such, we maintain our Sector Perform rating with a reduced $23.00 price target to account for lower 2026 FCF generation, said Mr. Monachello.