The Globe and Mail reports in its Friday, Feb. 23, edition that Scotia Capital analyst Jonathan Goldman has reaffirmed his "sector outperform" recommendation for CCL Industries. The Globe's David Leeder writes that Mr. Goldman gave his share target a $7 boost to $79. Analysts on average target the shares at $75.60. Mr. Goldman says in a note: "Certain end-markets are still at or near trough, namely North American and Europe CPG volumes, apparel, and PSL, which should support an acceleration of organic growth throughout the year. The higher organic growth rate should come with an embedded margin expansion opportunity as RFID labels carries structurally higher margins. ... Management said that it is more positive on the outlook now than it has been in a number of years and that it expects earnings growth to be 'better' than 5 per cent. ... We forecast 9-per-cent EBITDA growth in 2024. ... Management said the M&A opportunity set is consistent with the past couple of years (CCL spent $300-million per year on average in 2022 and 2023 on acquisitions). Shares trade at 9.8 times EV/EBITDA on our revised 2024, below the company's 10-year average of 10.7 times, which likely does not reflect present growth opportunities."