The Globe and Mail reports in its Friday edition that Canaccord analyst Matthew Lee has an unchanged "buy" recommendation on Hammond Power Solutions. The Globe's David Leeder writes that Mr. Lee's share target soared to $53 from $41.50. Analysts on average target the shares at $48.83. Mr. Lee says the company's first quarter results "significantly" exceeded his expectations. Mr. Lee hiked his forecast for Hammond Power, expecting "electrification tailwinds will persist over the medium term." Mr. Lee thinks Hammond's valuation "remains attractive given growth, balance sheet, and cash flow." Mr. Lee says in a note: "Hammond trades at 5.6 times EV/F23 EBITDA, which we believe is still very attractive given that larger peers trade at 14 times. We also increased our target multiple to 6.5 times (from 5.5 times) F24E EBITDA to account for the significant growth opportunities ahead. ... On our revised estimates, Hammond trades at 5.6 times EV/F23 EBITDA, which we believe is still very attractive given that larger peers trade at 14 times. We also increased our target multiple to 6.5 times (from 5.5 times) F24E EBITDA to account for the significant growth opportunities ahead, which leads us to raise our target price."