The Globe and Mail reports in its Thursday, May 2, edition that National Bank analyst Maxim Sytchev continues to rate Ag Growth International "outperform." The Globe's David Leeder writes that Mr. Sytchev, however, cut his share target back by $5 to $77. Analysts on average target the shares at $79.11. While acknowledging Ag Growth's guidance is at risk after weaker-than-expected first quarter results, Mr. Sytchev is of a mind that the shares are undervalued "from [an] absolute vantage point," especially following a 13.7-per-cent drop in price on Tuesday. In a research note titled "Tactically, not a great look; from an absolute perspective, we see value AFN," Mr. Sytchev thinks the Winnipeg-based company's "transition in the business mix" is likely to weigh on results through the first half of the year, but he says "a 200 basis points structural margin improvement and thematic tailwinds" reaffirmed his positive stance on the future. Mr. Sytchev says in a note: "All in, management expects slightly more than 54 per cent of 2024 earnings to come from the back half of the year. Longer-term operational improvements in the business suggest that 18 per cent to 19 per cent is a reasonable through-the-cycle EBITDA margin."