The Globe and Mail reports in its Friday, May 9, edition that National Bank's Adam Shine has upgraded Spin Master to "outperform" from "sector perform." The Globe's David Leeder writes that Mr. Wong gave his share target a $3 boost to $29. Analysts on average target the shares at $33.14. Mr. Wong says in a note: "We've been waiting on at least three key developments. Besides news of Spin Master finding a new CFO (announced April 24) after a process which began last summer, we also wanted to get through Q1 reporting to hear what Spin Master and its two key peers, Hasbro and Mattel, had to say about U.S. tariffs and mitigating actions being pursued. On Tuesday, after China and the European Parliament agreed to lift restrictions on mutual exchanges between their legislative bodies, it was revealed that the United States and China would engage this weekend in Switzerland on trade & economic issues -- a rather important first step toward diffusing the recent escalation in tensions." While Mr. Shine cautions tariff rates are likely to remain "quite fluid" and there will likely not be special exemptions for toys, he predicts "gravity is likely to set in" and emphasized Spin Master's exposure to China is declining.