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Analyst Actions: North American Energy Partners Target Cut at CIBC

North American Energy Partners (NOA.TO) is taking a writedown of $40 million to $45 million related to its contract at the Horizon oil sands mine. "We believe the writedown is largely a function of a poorly structured contract where the cost inflation indices have not been appropriate and fully reflective of the increases realized," CIBC World Markets Inc. analyst Jeff Fetterly is cited in the Globe and Mail as saying.

Fetterly reportedly cut his price target by $4 to $9.50 "to reflect the writedown, lower revenue recognition and uncertainty regarding a resolution and go-forward structure of the contract."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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