The Globe and Mail reports in its Friday, Feb. 23, edition that CIBC World Markets analyst Hamir Patel has downgraded Cascades to "neutral" from "outperformer." The Globe's David Leeder writes in the Eye On Equities column that Mr. Patel gave his share target a $3 trim to $14 in a report titled Back In The Penalty Box. Analysts on average target the shares at $15. Mr. Patel says in a note: "Following weaker-than-expected performance in containerboard, a weak Q1 guide and retirement of 2024 guidance, we expect Cascades shares to be range-bound (after plunging 20 per cent [Thursday] post-Q4 earnings) until management rebuilds credibility with investors. At the same time, the industry-wide catalyst from the recent board price hike has largely played out (with the linerboard benchmark increasing US$40/ton this month)." The Globe reported on April 25 that RBC Dominion Securities analyst Paul Quinn continued to rate Cascades "outperform." The shares could then be had for $11.20. The Globe reported on Jan. 12 that Mr. Patel had upgraded his recommendation for Cascades to "outperformer" from "neutral." The shares could then be had for $14.