The Globe and Mail reports in its Friday, Nov. 24, edition that ATB Capital Markets analyst Tim Monachello continues to rate ShawCor "outperform." The Globe's David Leeder writes that Mr. Monachello cut his share target back by $5 to $20. Analysts on average target the shares at $21.56. Mr. Monachello says in a note: "We reduce our estimates following ShawCor Q3/23 results on November 13, 2023, which included a view toward transitory headwinds that are expected to persist into H1/24 and an elevated level of non-recurring relocation and start-up costs included in 2024 EBITDA related to four new manufacturing facilities that ShawCor is currently building for commissioning in H2/24 and H1/25. In addition, our modeling now reflects ATB's recently reduced U.S. rig activity forecasts for 2024 and 2025, lowering our composite pipe estimates over our forecast horizon. All told, 2024 is positioned as a transition year for ShawCor as it lays the groundwork for its longer-term high-return growth strategy. For context, by 2025, ShawCor expects to drive at least 10 per cent per year annual EBITDA growth in the medium to long term [and] at least 20 per cent after-tax IRRs on incremental capital expenditures."