The Globe and Mail reports in its Wednesday edition that Stifel's Daryl Young started coverage on NFI Group with a "hold" recommendation. The Globe's David Leeder writes that Mr. Young calls NFI one of his "special situations." He targets the shares at $15, 69 cents under the consensus. Mr. Young says in a note: "From a macro perspective the outlook for NFI is very encouraging given record levels of government funding available for North American transit agencies to support fleet replacement and conversion to zero emission buses. Additionally, the competitive environment has markedly improved from 2019 when there was a looming fear of overcapacity with several new entrants to the North American market, versus today where the U.S. market has effectively been rationalized to a duopoly. However, we remain somewhat cautious on NFI's near-term results as it remains in recovery and ramp-up phase and supply chains are still not 100 per cent healthy. In our view, significant forecast uncertainty remains related to 2024 guidance and we are inclined to take a wait-and-see approach to sustained improvement in operating results given that the shares have already re-set higher following NFI's balance sheet restructuring."