The Globe and Mail reports in its Friday edition that National Bank analyst Zachary Evershed has reaffirmed his "outperform" recommendation for Richelieu Hardware. The Globe's David Leeder writes that Mr. Evershed snipped his share target back by 50 cents to $47.50. Analysts on average target the shares at $46.25. Mr. Evershed says in a note: "Richelieu continues to make significant progress reducing its inventory position contributing $24.5-million to cash generation during the quarter and bringing the year-to-date decline to $66-million vs. management's target of $60-million to $80-million in 2023. As execution has been robust thus far and the company might exceed 2023's guidance, management adjusted prior guidance for another $50-million in 2024 and now calls for a $20-million reduction in H1, with a number for the remainder of the year still to be determined, though we expect a return to usual seasonal patterns. Management reiterated a strong pipeline of M&A opportunities as the company works through several open files backed by a clean balance sheet. Given an outstanding 2022, sellers' expectations likely remain inflated, but this anchoring will likely fade as time passes and deal flow will accelerate."