The Globe and Mail reports in its Thursday, Nov. 2, edition that National Bank analyst Maxim Sytchev is keeping his "outperform" call on Toromont Industries intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev boosted his share target by a loonie to $129. Analysts on average target the shares at $126.11. Mr. Sytchev notes that Toromont's "impressive execution" continued in the third quarter. He adds that management was "a bit more cautious than usual" in its conference call but emphasizing structural tailwinds remain "unabated." Mr. Sytchev says in a note: "There will be lots of discussions around slowdown, backlog rolling over, etc. ... We want to impress upon investors that while of course backlog is important, the long-term directionality of population growth and resulting infra spending is more relevant. ... Infra trends are robust and mining activity is generally healthy. It's not often that Toromont shares' valuation converge with that of S&P 500 (historically, it's higher). We therefore remain comfortable to be exposed to this well-executing name (with a net cash position to boot). ... Q4 is also usually the most profitable quarter for Toromont."