The Globe and Mail reports in its Friday, Nov. 10, edition that Scotia Capital Jonathan Goldman continues to rate Martinrea International "sector outperform." The Globe's David Leeder writes that Mr. Goldman cut his share target back by a loonie to $15.50. Analysts on average target the shares at $19.08. Mr. Goldman says in a note: "We think the market will look through the modest downward revision to guidance due to UAW strike impacts, which should come as no surprise. Management continues to execute on the final leg of the transformation, improved FCF conversion and deleveraging, which are the main catalysts for a rerate, in our view. The company generated FCF of $78-million in the quarter, equivalent to 8 per cent of its market cap, as margins stabilize/recover and capex trends back in line with D&A (following a three-year capex cycle). Net debt to EBITDA (ex IFRS) was 1.6 times as at Q3, compared to 3.1 times exiting 2021 and two exiting 2022. The company lowered FCF guidance to below (but 'close to') the low-end of the previous range of $150-million to $200-million, which still implies healthy FCF generation in 4Q. Lower cash taxes and seasonal unwind of working capital reduce risk around FCF guidance."