The Globe and Mail reports in its Tuesday, Aug. 30, edition that in reaction to higher containerboard estimates, CIBC World Markets analyst Hamir Patel upgraded Cascades ($10.62) to "sector outperformer" from "sector underperformer." The Globe's David Leeder writes in the Eye On Equities column that Mr. Patel says Cascades' outlook changed "dramatically" since International Paper Co. "surprised" the market on Aug. 25 by raising its prices, highlighting its "significant" earnings leverage to higher prices and its Greenpac liner board mill joint venture. Mr. Patel boosted his share target by $4 to $12. Analysts on average target the shares at $11.25. Mr. Patel says in a note: "Six months ago, we initiated coverage of Cascades with a sector underperformer rating. Since that date (Feb. 29), Cascades has significantly underperformed both its containerboard peers and tissue peers, as well as the major indexes. We believe the underperformance was warranted over this period given CAS's significant leverage to containerboard prices." The Globe's Craig McGee said buy Cascades in Number Cruncher column on Dec. 24, 2015. The shares could then be had for $12.74.