The Globe and Mail reports in its Wednesday, Nov. 12, edition that National Bank Financial analyst Vishal Shreedhar has reiterated his "outperform" recommendation for Saputo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Shreedhar gave his share target a $2 boost to $38. Analysts on average target the shares at $39. Mr. Shreedhar says in a note: "U.S. dairy market volatility is expected to moderate in H2/F26, which we understand to be constructive for Saputo (improved cost clarity for customers). Saputo took market share in the U.S. and Canada in certain categories, in part due to better fill rates and innovation. Saputo reiterated expectations for longer-term Europe EBITDA margin in the mid-teens (NBCM models 9 to 10 per cent), and stated margin upside remains in international (milk recovery in Argentina and domestic market progress in Australia, etc.) and U.S. (full benefits of capital investments and supply chain ramp up, etc.). ... We expect investor focus to be on steady execution amid a volatile commodity and macro backdrop. ... We acknowledge that Saputo is a show-me story. Recent performance has been encouraging."