The Globe and Mail reports in its Friday, Aug. 15, edition that Scotia Capital's Jonathan Goldman has reaffirmed his "sector outperform" recommendation for TerraVest Industries. The Globe's David Leeder writes that Mr. Goldman tweaked his share target back by $4 to $176. Analysts on average target the shares at $180.17. Mr. Goldman notes that the 4.8-per-cent drop in shares after Thursday's third quarter results is not surprising, stating that "volatility around results is typical for TerraVest as an illiquid small cap with low institutional ownership." Mr. Goldman says in a note: "Moreover, when TerraVest missed in F4Q24 and F1Q25, shares declined 8 per cent and 10 per cent before recovering 15 per cent and 40 per cent over the next four months. While F3Q25 EBITDA missed consensus by $3-million, or 4 per cent, we believe there were some one-times in the quarter that would have made it closer to in line. We have lowered our 2025 by 5 per cent to reflect softer trailer market conditions but left our 2026 unchanged, which may prove conservative given it implies no industry recovery. For context, ACT Research is forecasting trailer deliveries of 200k in 2025, the lowest level in 10 years and 30 per cent below mid-cycle."