The Globe and Mail reports in its Thursday edition that Scotia Capital's Michael Doumet continues to rate Wajax "sector outperform." The Globe's David Leeder writes that Mr. Doumet hiked his share target by a loonie to $37, $2 ahead of the consensus. Mr. Doumet says in a note: "4Q23 profits and cash flows were below our and Street expectations. The higher SG&A, which drove the EBIT and EPS misses, was described as 'lumpy' in 4Q23; management instead highlighted that the 2023 SG&A rate came in at the low end of the guided range. In terms of cash flow, Wajax expanded its inventories in 2023 as it was light in the previous two years due to supply conditions. Similar to the other Canadian dealers, we expect underlying growth to moderate in 2024 but believe Wajax has incremental opportunities to outperform with Hitachi and M&A. In terms of M&A, management highlighted the company's pipeline remains robust and its desire to close a few tuck-ins per year. ... We believe the rerating in the shares over the LTM [last 12 months] is well-supported by Wajax's structural improvements in IP/ERS, Ontario, and with Hitachi, and believe there is further room for multiple expansion as it executes its growth strategy."