The Globe and Mail reports in its Friday, Dec. 5, edition that TD Cowen analyst Michael Van Aelst has reaffirmed his "buy" recommendation for Saputo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Van Aelst gave his share target a $5 boost to $49. Analysts on average target the shares at $39.80. Mr. Van Aelst says in a note: "After several disruptive years improving execution is now evident. Capacity expansion and better order fill rates are driving volume growth and enabling price discipline. Mix is being optimized and Saputo is making the tough decisions to control costs (plant rationalization, SG&A reduction, structural simplification) to offset inflationary pressures (e.g., labour) and greater brand support. We see this driving 21-per-cent EBITDA growth in H2/F26 and 11 per cent/7 per cent in F27/F28. Valuation has moved up materially from its 7.4 times January, 2025, low, but is still below its 11.2 times 10-year average and the peer average of 11.1 times." Mr. Van Aelst named Saputo to TD's "Best Ideas 2026" list, emphasizing it now trades at a "meaningful" discount to many of its consumer packaged goods industry peers despite a "superior" earnings outlook.