The Globe and Mail reports in its Tuesday, Oct. 28, edition that Desjardins analyst Gary Ho believes a recovery in North American farm conditions may be delayed until 2026 or 2027, although Brazil stands out due to a significant commercial contract. The Globe's David Leeder writes in the Eye On Equities column that ahead of Ag Growth International's third quarter results on Nov. 30, Mr. Ho lowered his earnings estimates through fiscal 2027, noting potential for an ag cycle recovery and a U.S. government relief program for farmers. Mr. Ho says in a note: "North American farm markets remain soft with no clear signs of improvement. Recent September Ag barometer (CME Group) readings point to similar trends, although farmers have increased expectations that a program similar to 2019's MFP will provide some relief. Tariff impacts, trade dynamics and commodity prices continue to weigh on capital equipment purchase decisions. Ag Growth has been looking to pass on some tariff costs on portable equipment, similar to peers, with surcharges ranging from 4 to 6 per cent." Mr. Ho continues to rate Ag Growth "buy." He gave his share target a $2 trim to $47. Analysts on average target the shares at $52.50.