The Globe and Mail reports in its Tuesday, Oct. 17, edition that BMO Nesbitt Burns analyst Nevan Yochim rates High Liner Foods "market perform" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Yochim set a $12 share target. Analysts on average target the shares at $16. The Globe says Mr. Yochim expects a weak macroeconomic environment to limit near-term demand for frozen seafood. Mr. Yochim says in a note: "Recent volume declines in the retail business have been driven by reduced demand for protein as consumers substitute out of frozen seafood and into lower cost meal alternatives. Management expects retail volume headwinds to persist through Q3/23 and into Q4/23 as elevated inflation and high interest rates are leading to consumer price sensitivity." Despite those significant near-term headwinds, Mr. Yochim sees a "long runway for growth" for the company. He adds, "In the food service business, opportunities include introducing innovative products into the underpenetrated quick-service restaurant category, driving growth in ready-to-use frozen product in the casual dining category, and expanding the value-added product portfolio in high-growth shrimp and salmon species."