The Globe and Mail reports in its Tuesday, March 25, edition that after finishing the year strongly, with solid organic growth boosted by foreign exchange and mergers and acquisitions, Hammond Power Solutions is facing potential volatility in sales and earnings, says National Bank Financial analyst Rupert Merer. The Globe's David Leeder writes in the Eye On Equities column that Mr. Merer says this uncertainty arises from possible tariff threats on both inputs and finished products imported from Canada and Mexico to the United States. Mr. Merer has reaffirmed his "outperform" recommendation for Hammond Power. Mr. Merer slashed his share target by $30 to $140. Analysts on average target the shares at $152. Mr. Merer says in a note: "The outlook for 2025E is uncertain, given changing policies on tariffs (which could impact margins, volume and pricing for sales to the U.S.) and uncertainty related to the growth in demand for power infrastructure. Policies in the U.S. that slow the construction of new power assets (such as changes to the IRA) or lead to slower economic growth could dampen demand. However, for now, we believe that demand for custom products remains robust and the backlog remains healthy."