The Globe and Mail reports in its Wednesday edition that Stifel's Daryl Young started coverage on CCL Industries with a "hold" recommendation. The Globe's David Leeder writes that Mr. Young calls CCL Industries one of his "special situations." He targets the shares at $65. Analysts on average target the shares at $74. Mr. Young says in a note: "CCL Industries is a world class operator with a very strong capital allocation track record. However, it has in some ways become a victim of its own success, requiring increasing number and size of acquisitions to maintain its historical growth trajectory (resultantly, growth has been slowing in recent years). Additionally, its success in its core labelling operations has attracted significant private equity competition which has bid-up valuations for larger platform assets and forced it to look to adjacent verticals for M&A. Although we have a high-degree of confidence that management will execute an accretive transaction at some point, it's not clear exactly what or when that will be and as such we are inclined to take a wait-and-see approach. CCL has an enviable balance sheet and is driving attractive returns through its steady stream of tuck-under acquisitions."