The Globe and Mail reports in its Thursday, Aug. 10, edition that Desjardins Securities analyst Benoit Poirier has reaffirmed his "buy" recommendation for Heroux-Devtek. The Globe's David Leeder writes that Mr. Poirier now targets the stock at $21, down from $22. Analysts on average target the shares at $19.40. Mr. Poirier saw the first quarter 2024 financial results from Heroux-Devtek as "a step in the right direction," emphasizing "severe" margin erosion over the last year has "begun to reverse." Mr. Poirier says in a note: "Given the telegraphed comments and industry dynamics, we continue to take a conservative approach and believe FY24 will be a transition year for Heroux-Devtek. We forecast adjusted EBITDA margin of 13.2 per cent in FY24, followed by a return to a near normalized level of 14.5 per cent in FY25." On Tuesday Heroux-Devtek reported quarterly revenue of $141-million, up 23.3 per cent year-over-year and above the consensus estimate of $139-million. Adjusted earnings per share of 12 cents was two cents above the Street's expectation. Mr. Poirier adds, "Over the long term, our bullish view on Heroux-Devtek has not changed and we still view its valuation discount vs its U.S. peers as unjustified."