The Globe and Mail reports in its Friday, Jan. 23, edition that National Bank Financial analyst Vishal Shreedhar is keeping his "outperform" call on Saputo intact. The Globe's David Leeder writes that Mr. Shreedhar gave his share target a $7 boost to $45. Analysts on average target the shares at $42.50. Mr. Shreedhar expects Saputo to display "strong" earning-per-share momentum when it reports its third quarter 2026 financial results on Feb. 5, driven largely by a recovery in its international markets from the same point a year ago. Mr. Shreedhar is currently projecting adjusted earnings per share of 53 cents, a penny below the consensus forecast but 14 cents higher than the result from the same period a year ago. He attributes that 34-per-cent year-over-year gain to "reflecting EBITDA growth (volume and margins), share buybacks, lower interest expense, and slightly lower D&A, partly offset by a slightly higher tax rate." He says in a note, "In [the U.S.,] we expect EBITDA margin to expand by approximately 70 basis points year-over-year, largely reflecting better efficiency and operating leverage, partly offset by a negative milk-cheese spread, and higher marketing/promotion activity, among other factors."