The Globe and Mail reports in its Wednesday, April 30, edition that RBC Capital analyst Drew McReynolds has reaffirmed his "outperform" recommendation for Spin Master. The Globe's David Leeder writes that Mr. McReynolds trimmed his share target by $9 to $32. Analysts on average target the shares at $36.57. Mr. McReynolds says in a note: "The implementation of a fluid U.S. tariff regime has meaningfully dampened earnings visibility with both direct (tariff) and indirect (macro) impacts still to be determined. While it is not yet entirely clear to us whether the 30-per-cent decline in the stock year-to-date adequately reflects these impacts given still fluid economic and geopolitical dynamics, our current working assumptions are: (i) the current tariff regime will have meaningful direct and indirect impacts on Spin Master earnings; [and] (ii) using a normalized six to seven times FTM [forward 12-month] EV/EBITDA multiple and EBITDA inclusive of content and development costs, current share price levels in the low-to-mid $20s appear to imply a 15-per-cent to 30-per-cent reduction in FTM EBITDA versus our current forecast, which we deem as not unreasonable given the company's exposure to China."