The Globe and Mail reports in its Tuesday, July 25, edition that Scotia Capital analyst George Doumet is sticking with his "sector perform" recommendation for Saputo. The Globe's David Leeder writes that Mr. Doumet gave his share target a $2 trim to $33. Analysts on average target the shares at $36.56. Mr. Doumet says in a note: "Saputo is the only processor whose shares are down year-over-year (16 per cent), with most of the decline occurring following the release of Q4 results. While Q4 results (and changes to strategic plan contributions from optimization initiatives) were largely in line with expectations, we did not expect a pronounced deteriorating outlook for demand and much weaker commodity market outlook. We are now looking for adj. EBITDA growth of 8 per cent in F24 and 12 per cent in F25 (vs. strategic plan guidance of 17-per-cent CAGR). Now that expectations have been reset lower and valuation is looking somewhat attractive (shares currently trading at 10-per-cent-plus discount to historical value), we are warming up to the name. We are also seeing early signs of bottoming in the commodity markets." The Globe reported on June 6 that Desjardins rated Saputo "buy" when it was worth $35.11.