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Aecon Group Upgraded to Outperform at Raymond James

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Aecon Group Inc. (ARE.TO) was upgraded to Outperform from Market Perform at Raymond James on Friday.

Analyst Frederic Bastien raised his price target on shares of the Canadian construction and infrastructure development company to $60 from $52.

On Thursday, Aecon accounced that it was selected to build a multibillion-dollar power generation facility that will be part of a major data centre.

The stock rose $3.99, or 8.8%, to $49.51 on the Toronto Stock Exchange.

"The contract adds another growth vector to what we believe is already the most significant power infrastructure opportunity set for ARE in our more than two decades covering the stock," Bastien said in a note to clients.

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