The Globe and Mail reports in its Tuesday, Sept. 26, edition that Desjardins Securities analyst Frederic Tremblay is sticking with his "buy" recommendation for Savaria. The Globe's David Leeder writes that Mr. Tremblay trimmed his share target by a loonie to $20.50. Analysts on average target the shares at $21.07. Mr. Tremblay says the company's $92-million equity financing "accelerates debt reduction and puts the focus on value creation opportunities." Mr. Tremblay says in a note: "We view the margin target as aggressive, but not inconceivable. We are introducing our 2025 estimates, with revenue of $961-million and adjusted EBITDA margin of 17.5 per cent as we await more visibility on a European turnaround and margin initiatives (including the Savaria One program being implemented with an independent consulting firm). Based on our analysis updated for the effect of the equity financing, we continue to see margin improvement as key to unlocking value. We see a potential share price of $25 to $32 if a 20-per-cent margin is reached in 2025 ($22 to $28 at a margin of 18 per cent)." The Globe reported on Sept. 13, 2021, and March 18, 2023, that Mr. Tremblay rated Savaria "buy." It was then worth $22.21 and $15.85.