The Globe and Mail reports in its Friday edition that Desjardins analyst Frederic Tremblay is sticking with his "hold" call on Cascades. The Globe's David Leeder writes that Mr. Tremblay trimmed his share target by $1.50 to $13. Analysts on average target the shares at $13.67. Mr. Tremblay believes Cascades is well positioned to benefit from an upturn in the tissue market as well as the successful ramp-up of its Bear Island plant in Virginia. However, after meetings with executives, he warns its containerboard business is "heavily exposed" to the continued rise in old corrugated containers (OCC) costs, leading Mr. Tremblay to reduce his forecast for the first quarter of fiscal 2024. Mr. Tremblay says in a note: "On the positive front, box demand in 2024 looks decent and the ramp-up phase of Cascades' Bear Island recycled containerboard facility is progressing ahead of expectations. While there are still some normal fluctuations, it was encouraging to hear that Bear Island recently broke its daily production record." Mr. Tremblay believes "the current environment warrants a more cautious approach." The Globe reported on Feb. 23 that CIBC had cut Cascades to "neutral" from "outperformer." It was then worth $10.75.