The Globe and Mail reports in its Thursday edition that Raymond James analyst Stephen Boland has reaffirmed his "outperform" recommendation for Pollard Banknote. The Globe's David Leeder writes that Mr. Boland gave his share target a $6 boost to $43. Analysts on average target the shares at $40.75. Mr. Boland says in a note: "The impact of recent price increases are becoming more apparent every quarter. In their outlook, management noted that customers have been accepting of recent price increases, and the majority of customer contracts have now been repriced. That said, many of these contracts are negotiated well in advance, and it may be later in 2024 before some of these increases become visible in results. Regardless, we expect a steady improvement in the margin throughout 2024 and into 2025, with the potential for further expansion should input costs fall next year (management noted a minor decrease in certain inputs this quarter). Coupled with a consistently strong growth outlook for the higher margin iLottery segment, we now expect annual EBITDA to grow close to 50 per cent from current levels in 2025." The Globe reported on Jan. 19, 2023, that Mr. Boland rated Pollard "outperform." It was then worth $18.