The Globe and Mail reports in its Friday, March 13, edition that Raymond James analyst Stephen Boland has reaffirmed his "outperform" recommendation for Pollard Banknote. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Boland gave his share target a $4 trim to $29. Mr. Boland believes investors are placing too much focus on margin compression. Pollard Banknote reported its fourth quarter 2025 results on Tuesday. Revenue was $150.8-million, above consensus of $149.6-million. Adjusted earnings before interest, taxes, depreciation and amortization was $27.7-million, below consensus. Gross margin was 14.9 per cent, below Mr. Boland's 18.1-per-cent forecast, with Kansas iLottery startup costs continuing to weigh on profitability and lower eTab sales due to regulatory changes in Minnesota. Mr. Boland says in a note: "As iLottery represents a growing portion of revenue, we expect margins to improve over time as Kansas moves toward profitability and higher-margin digital contracts ramp." The Globe reported on Aug. 28, 2024, that Canaccord rated Pollard "buy." It was then worth $24.90. The Globe reported on March 12, 2025, that Mr. Boland continued to rate Pollard "outperform." It was then worth $21.12.