The Globe and Mail reports in its Tuesday, May 9, edition that TD Securities analyst Tim James has elevated his rating for Magellan Aerospace to "buy" from "hold." The Globe's David Leeder writes that Mr. James's share target soared by $4 to $12. Analysts on average target the shares at $11.25. Mr. James issued his upgrade following "strong" first quarter results that exceeded his expectations. Mr. James believes Magellan shares "offer long-term upside due to the company's low valuation, exposure to commercial aviation recovery, and strong balance sheet." Mr. James says in a note: "While supply-chain issues are limiting the industry's ability to ramp up production and may lead to incremental costs for Magellan in advance of the corresponding revenue in 2023, we believe Magellan's valuation already reflects this impediment to growth. Over the long term, we believe industry production challenges could prolong the commercial aircraft recovery cycle as OEMs require additional years to meet airline demand for new aircraft. We believe this will ultimately drive earnings growth through 2025, and Magellan's cash, $150-million unused credit facility, and low leverage provide an opportunity for accretive M&A."