The Globe and Mail reports in its Wednesday, Jan. 24, edition that Scotia Capital analyst Michael Doumet has cut Toromont Industries to "sector perform" from "sector outperform." The Globe's David Leeder writes that Mr. Doumet gave his share target a $1 boost to $125. Analysts on average target the shares at $127.11. Mr. Doumet thinks 2024 will be a "return to 'normal'" for the Canadian heavy equipment dealers following what he sees as "an above-mid-cycle year." Mr. Doumet says in a note: "Toromont Industries is not expensive on a historical basis (and non-residential construction appears strongest in Ontario). The one knock on the name: since 2019, Toromont has generated the most gross margin expansion, which we believe is at risk of normalizing. How could we be wrong with our downgrade? Toromont has $2-billion of debt-capacity to fund a deal. While visibility on the timing of such a transaction (or what the acquired asset could be) is limited, we believe a sizable transaction would act as a meaningful positive catalyst for the shares (given its successful track record for capital deployment)." The Globe reported on April 20 that Mr. Doumet rated Toromont "sector outperform." It was then worth $108.01.