The Globe and Mail reports in its Tuesday, March 19, edition that National Bank analyst Adam Shine is sticking with his "outperform" call for Transcontinental. The Globe's David Leeder writes that Mr. Shine gave his share target a 50-cent boost to $18.50. Mr. Shine says in a note: "Post-Q1, we marketed Transcontinental CEO who was promoted to the role in June, 2023. Since then, the company scaled fiscal 2023 cost savings to over $40-million exiting Q3 (skew to printing) and announced in December a balance sheet and profitability improvement program to get $20-million to $40-million in recurring savings in F2025 (early impact in H2/24). This is going well: 1) fixed costs coming out, 2) less profitable activities and plants being reviewed, 3) COGS being targeted for biggest savings opportunity and 4) initially targeted $100-million worth of real estate sales evolving (Quebec City building sold for $12-million in Q4, four other properties now up for sale)." Mr. Shine says the company faces a tougher packaging comparable in the second quarter, but he is forecasting the "quarterly cadence of fiscal 2024 where our flat adjusted EBITDA estimate appears to have upside (guidance is 'at the very least' flat)."