The Globe and Mail reports in its Thursday, Feb. 20, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for RB Global. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev boosted his share target by $5 to $118 (all figures U.S.). Analysts on average target the shares at $103.70. Mr. Sytchev says in a note: "Quarterly results were once again much stronger than expected. The 2025 guide for GTV [gross transaction value] was in line, especially in light of a still relatively sluggish construction backdrop. Operating leverage really drove decrementals this quarter (up 280 basis points). While we are being asked if this level is sustainable, we have to keep in mind that IAA was starved for capital/leadership for a number of years; having direction, technology support, alignment of incentives (and of course a supportive market, as demonstrated by a rising total loss ratio of 230 basis points year-over-year) would suggest that the runway is still there (hence investors should view the CapEx increase as confidence in winning market share). With a much cleaner balance sheet there is also incremental upside via M&A."