The Globe and Mail reports in its Tuesday edition that Scotia Capital's Jonathan Goldman has resumed coverage on Stella-Jones with a "sector perform" rating and $89 share target. The Globe's David Leeder writes that analysts on average target the shares at $91.14. Mr. Goldman says in a note: "Stella-Jones is the leading producer of pressure-treated wood products in North America. The company's main end-markets -- utility poles and railway ties -- should be beneficiaries of generational infrastructure spend that is still in early days. But with the shares trading near all-time highs, we believe most of the upside has already been priced-in. 2024 estimates (and 2025 valuations) already reflect multiyear pole tailwinds, in our view. At the same time, we see emerging risks as competitors increase capacity and capabilities, while upcoming U.S. federal elections may impact the timing/amount of government funding. We see low probability of material earnings revisions in railway ties and residential lumber, and while the M&A opportunity set seems sufficient, the pipeline will likely be spread out over several years. With the shares trading at a 3.2-per-cent FCF yield on our 2024, we view the risk/reward as balanced."