The Globe and Mail reports in its Friday, Oct. 3, edition that TD Cowen analyst Michael Van Aelst is the first analyst on the Street to set a share target for newly minted Canada Packers, settling at $20. The Globe's David Leeder writes in the Eye On Equities column that Mr. Van Aelst did not specify a rating for Canadian Packers. Mr. Van Aelst views Canada Packers as having modest long-term revenue growth, solid free cash flow and an attractive dividend yield. Maple Leaf Foods will keep a 16-per-cent interest in Canada Packers. Mr. Van Aelst says in a note: "Early trading is expected to be volatile, though once the initial selling is over, we think Canada Packers should trade at five to 5.5 times EV/EBITDA (at least until it has a longer track record) as this would place it slightly below its peer group average. We use the bottom of this range to start, getting us to our $20 price target 12 months out. It would also imply a current value of $16.40, supported by a FCF (before WC) yield of 17 per cent and dividend yield of 5.1 per cent. We would view the value as attractive below $18 and less attractive above that level." Meanwhile, Mr. Van Aelst cut his share target for Maple Leaf Foods to $43 from $47 with a "buy."