The Globe and Mail reports in its Thursday, Sept. 17, edition that RBC's James McGarragle continues to rate Nanoxplore "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. McGarragle gave his share target a 75-cent trim to $1.75. Analysts on average target the shares at $2.65. Nanoxplore's financial guidance fell short of Mr. McGarragle's expectations. Mr. McGarragle says in a note: "Management is also targeting positive FCF in F27, and we view scaling volumes and margin expansion as key to operating leverage and FCF generation through F28; both of which we see as important catalyst. ... The F27 shortfall was attributable to the delay of two Volvo programs into F28 due to regulatory changes. That said, management commentary implied the guide is conservative, and we flag below several opportunities representing potential upside not reflected in current numbers. ... Insulating foam is the most near-term opportunity, with one major customer in the final stages of approvals. Management expects to begin supplying 'later this year,' which we view as within three to six months. Foam carries higher graphene loading than existing products, making it structurally higher-margin."