The Globe and Mail reports in its Thursday, April 9, edition that National Bank Financial analyst Maxim Sytchev has lowered his recommendation for Stella-Jones to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Sytchev gave his share target a $12 trim to $95. Analysts on average target the shares at $97.76. Mr. Sytchev says in a note: "For a fairly steady eddy business, Stella-Jones's share price amplitude throughout 2025 was pronounced, oscillating between $62 and getting all the way to north of $85 on the back of November's Investor Day and the market0's search for inexpensive exposure toward utilities/transmission buildout. Q4/25 was disappointing, but the shares fully recovered lost ground since. When stepping back and examining the evolution of the high watermark of consensus EBITDA forecasts going back to 2024 (we are now 3 per cent below now vs. October, 2024, -- a pretty long stretch of no absolute advancement -- a necessary condition for a structural rerate), we have not fully recaptured those highs while the Ties/Resi backdrop has arguably actually worsened, between some insourcing and generally high interest rate environment pressuring the verticals respectively."