The Globe and Mail reports in its Friday, Feb. 9, edition that Scotia Capital analyst Michael Doumet has cut ATS to "sector perform" from "sector outperform." The Globe's David Leeder writes that Mr. Doumet gave his share target a $3 trim to $61. Analysts on average target the shares at $66.14. Mr. Sytchev says the shares are fairly valued. He recommends looking "for a more attractive entry point." Mr. Doumet says in a note: "ATS has gone through a transformation in the last few years -- becoming an undisputed earnings compounder. However, we believe organic growth, which has been accelerated via-outsized growth in transportation, is at risk of normalizing in the NTM [next 12 months]. And, while the delayed EV order ($200-million) is expected to restart in 1QF25, we expect consolidated organic growth in F25 to be flattish -- if not at risk of declining if EV orders continue to be deferred. Additionally, we believe this 'stop-start' with large EV orders will lead to variability in labour utilization, and therefore, margin pressure. ... In the next few quarters, we believe the risks in EV sales are greater and, as such, believe the perception of ATS's earnings base will need to be reset lower in the near-term."