The Globe and Mail reports in its Tuesday, June 13, edition that National Bank Financial analyst Vishal Shreedhar has reaffirmed his "outperform" recommendation for Saputo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Shreedhar trimmed his share target by $6 to $37. Analysts on average target the shares at $39.25. Mr. Shreedhar says signs of a "rapid backdrop deterioration" in Saputo's fourth quarter 2023 financial results may overshadow "business improvement." Mr. Shreedhar says in a note: "Fundamentally, we see significant operational improvement over the next two-plus years associated with numerous network optimization (automation/digital), and manufacturing footprint rationalization initiatives (approximately $200-million in F2024, and more than $200-million in F2025, albeit partially offset by market conditions). This could suggest that the sell-off was overdone, particularly if based on concerns regarding commodity prices (which are inherently volatile). On the other hand, questions on Saputo's ability to achieve targets and deliver relatively consistent growth have intensified. Considering tepid dairy market outlook commentary, we have reduced our estimates."