The Globe and Mail reports in its Tuesday, May 15, edition that after a reduction in his near-term earnings estimates, CIBC World Markets analyst Jon Morrison cut Total Energy Services to "neutral" from "outperformer," citing its valuation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Morrison shaved his share target to $16 from $18.50. Analysts on average target the shares at $16.97. Mr. Morrison says in a note: "To be clear, as we have long said, we believe Total is a very well-run company that is operated by one of the most conservative and fiscally disciplined management teams within the Canadian oilfield services sector. Throughout the company's existence, the platform has maintained a conservative capital structure, remained keenly focused on generating true ROIC, and has never written down a dime of goodwill in the company's history. With that said, we believe that some of the slippages that showed up in Q1 will have a follow-on impact in the coming period. Given that we do not believe it makes sense to increase our target multiple, our price target comes down, and we are downgrading the stock on the basis of expected risk-adjusted return versus the peer group."