The Globe and Mail reports in its Wednesday, April 23, edition that Raymond James's Michael Glen has upgraded Aritzia to "outperform" from "market perform." The Globe's David Leeder writes that Mr. Glen's share target, however, fell by $10 to $55. Analysts on average target the shares at $70.40. Mr. Glen says in a note: "We are looking to reflect the 145-per-cent China tariff and 10-per-cent reciprocal tariff for Vietnam, Cambodia and Bangladesh. We base our conclusions largely on Aritzia's prior indication that each 10-per-cent increase in tariff (on China) would reflect a gross margin headwind of 30 basis points. Using 10 per cent=30 bps guidepost, we estimate an aggregate gross margin headwind of 500-550 bps from all proposed tariffs. Importantly, this conclusion does not include any assumptions regarding 1. Suppliers absorbing any of the higher tariff cost; 2. Aritzia making any pricing adjustments; or 3. Aritzia moving production from China to less tariff-impacted regions. On item number 2, we estimate an aggregate level price increase (Canada and U.S. combined) of 5 per cent would offset the gross margin dollar headwind of such tariffs, with a U.S. specific price increase of 9 per cent providing the same offset."