The Globe and Mail reports in its Friday, June 9, edition that RBC analyst Drew McReynolds is sticking with his "outperform" recommendation for Transcontinental. The Globe's David Berman writes in the Eye On Equities column that Mr. McReynolds boosted his share target by a loonie to $20. Mr. Dley bumped up his profit estimates following better-than-expected quarterly results. He says in a note, "While we expect choppier printing performance to weigh on the stock in the near-term, we believe first quarter results were likely the trough quarter for operating performance this cycle." Mr. Dley expects improved volume momentum starting in the second half of the year within the company's packaging division, while the company's printing division should benefit from cost savings. With Trancontinental trading at a discount to peers, Mr. Dley adds, "We continue to see value in the stock given management's track record of solid execution, about $2.25 per share in normalized free cash flow and each 0.5 times increase in multiple equating to about $3/share." The Globe reported on May 3, 2022, and Oct. 21, 2022, that Mr. McReynolds rated Transcontinental "outperform," when it was worth $16.12 and $16.20.