The Globe and Mail reports in its Wednesday edition that National Bank analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Ag Growth International. The Globe's David Leeder writes that Mr. Sytchev gave his share target a $1 trim to $73. Analysts on average target the shares at $76.85. Mr. Sytchev says in a note: "There have been a lot of discussions about the ag cycle duration, especially as interest rates have jumped, putting pressure on equipment affordability. Company's execution however has been materially stronger than expected due to mix and cost containment. We are monitoring dry weather conditions in U.S. and Canada but company's much more diversified revenue generation and better execution still gives us confidence in structural rerating. Our positive thesis on Ag Growth is fully predicated on self-help/virtuous cycle dynamic of margin improvement, working capital efficiency, debt repayment [and] higher trading multiple. Rapidly growing product transfer initiatives and international markets of India and Brazil are therefore bound to take over the baton. Ag Growth remains one of our top picks as deleveraging and ROIC improvements should both contribute to multiple rerating."