The Globe and Mail reports in its Friday, Nov. 17, edition that National Bank analyst Adam Shine has upgraded Transcontinental to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Shine is sticking with his $16 share target. Analysts on average target the shares at $17.10. Mr. Shine says in a note: "Transcontinental faces secular pressures and needs to deliver more consistent organic growth and margin improvement in packaging but also a better preservation of printing EBITDA. We expect progress on all of this in fiscal 2024. ... Transcontinental now trades at an unusually elevated 39-per-cent discount to peers on fiscal 2024 multiples. From Q4/20 to Q1/23, working capital usage totaled $268-million as inventories were built up amid rising resin prices. Post-Q1, working capital reverted to a contribution each quarter, with FCF resuscitating and leverage of 2.5 times at Q3 poised to return toward 2.0 times in f2024. Though not yet in our forecast, a dividend hike could come with Q1/24." The Globe reported on Jan. 31 that Mr. Shine was keeping his "outperform" call for Transcontinental intact. The shares could then be had for $14.87.