The Globe and Mail reports in its Saturday, May 20, edition that Scotia Capital analyst Konark Gupta has reaffirmed his "sector outperform" recommendation for Heroux-Devtek. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta bumped his share target ahead by a loonie to $18. Analysts on average target the shares at $19. Mr. Gupta says in a note: "Heroux-Devtek showed better-than-expected volume and margin progress in FQ4, which is a sign that its efforts to stabilize production and mitigate cost inflation are starting to pay off after a challenging year. We expect further improvement in production this year along with margin inflection, given the backlog is solid (near record), production is stabilizing, and pricing is finally catching up with inflation. We think the valuation multiple should recover as investors gain more confidence in Heroux-Devtek's ability to execute on the backlog and return margins toward the historical levels. With our cautiously optimistic view on production stability, we are maintaining our 'sector outperform' rating while raising our target." The Globe reported on Feb. 10 that Desjardins had cut Heroux-Devtek to "buy" from "top pick." It was then worth $14.29.