The Globe and Mail reports in its Tuesday, Nov. 11, edition that Stifel analyst Daryl Young continues to rate Cargojet "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Young slashed his share target by $20 to $100. Analysts on average target the shares at $109.21. Mr. Young says in a note: "Cargojet has been defying gravity for much of 2025 amid the broader freight recession, but its international revenues shifted sharply lower in Q3/25 (down more than 20 per cent) on prolonged trade/tariff upheavals. Management believes this is primarily a function of lower industry activity (canceled routes) versus being displaced by competitors. Importantly, the domestic network remained resilient with 6-per-cent growth year-over-year. However, management appears to have very little visibility into the timing of a recovery and is taking steps to manage capacity/costs near-term. Investors have long-questioned where the floor is on Cargojet's major long-term contracts and whether the company could generate economic returns at those levels, current conditions will be a good litmus test. Looking forward, right-sizing of capex is freeing up cash flow for deleveraging and potentially buy-backs."