The Globe and Mail reports in its Friday edition that Scotia Capital's Jonathan Goldman has reiterated his "sector outperform" recommendation for ATS. The Globe's David Leeder writes that Mr. Goldman hiked his share target to $48 from $47. Analysts on average target the shares at $49.15. Mr. Goldman says in a note: "We were encouraged by the progress on working cap, which appears sustainable despite some milestone payments and deleveraging with leverage now back at high-end of comfort range, one quarter ahead of schedule. Read: We see both continuing to trend downward. Management sees sufficient growth opportunities in existing end-markets with M&A being the preferred path for capital deployment. ATS shares trade at 11.3 times EV/EBITDA on our F2026E/F2027E and a 4.8-per-cent FCF yield. We think that's undemanding with estimates and valuation having troughed and upside on organic growth, traction on turnaround initiatives, and eventually a reacceleration of M&A. ... The standout positive in the quarter was the improvement in working capital percentage, strong FCF generation and deleveraging, with net debt to EBITDA coming in at 3 times, back within the high-end of the comfort range one quarter ahead of schedule."