The Globe and Mail reports in its Wednesday, May 17, edition that National Bank analyst Vishal Shreedhar has reaffirmed his "outperform" recommendation for Premium Brands Holdings. The Globe's David Leeder writes that Mr. Shreedhar cut his share target back by $3 to $121. Analysts on average target the shares at $116. Mr. Shreedhar says the company's first quarter showed "signs of progress, although margin expansion and balance sheet improvement lagged expectation." Mr. Shreedhar says in a note: "We expect improvement through the year; investors still require PBH to demonstrate sustained improvement before more fully rewarding valuation. Relative to National Bank Financial [estimates], specialty foods delivered stronger EBITDA, partly offset by weaker EBITDA in premium food distribution. ... PBH's outlook will be supported by accelerating organic growth and pending EBITDA margin expansion (to 9.1 per cent in 2023 from 8.4 per cent in 2022); PBH's long-term EBITDA margin target is 10 per cent. We are constructive on PBH given low valuation relative to history and strong growth expectations. PBH currently trades at 11.5 times our NTM [next 12-month] EBITDA compared to its five-year average of 13.9 times."