The Globe and Mail reports in its Friday, Dec. 15, edition that RBC Capital analyst Drew McReynolds has reaffirmed his "outperform" recommendation for Transcontinental. The Globe's David Leeder writes in the Eye On Equities column that Mr. McReynolds boosted his share target by a loonie to $20. Analysts on average target the shares at $17.10. Mr. McReynolds says in a note: "Q4/23 results were ahead of expectations while the F2024 outlook was in line with our forecast. Factoring in slightly lower revenue growth offset by higher margins and lower net debt, our price target increases. Although cyclical headwinds continue to negatively impact both packaging and printing volumes, we expect ongoing cost efficiencies and an easing in destocking pressures to translate to renewed year-over-year EBITDA growth in fiscal 2024/2025. With the stock trading at 4.4 times FTM [forward 12-month] EV/EBITDA versus an average of 6.7 times for packaging peers, we continue to see value in the stock given management's track record of solid execution, $2-2.25/share in normalized FCF and each 0.5 times increase in multiple equating to $3/share."