The Globe and Mail reports in its Thursday, Nov. 7, edition that Scotia Capital analyst Jonathan Goldman continues to rate Wajax "sector perform." The Globe's David Leeder writes that Mr. Goldman hiked his share target to $27 from $26. Mr. Goldman says in a note: "If not for the tough tape, shares would have been up more in our view (still nice outperformance vs. peers though) following the sizable beat and continued momentum on internal initiatives. We raised our 2025/2026 estimates by 3 per cent/6 per cent on the back of the beat and higher gross margin assumptions in both years. Weak end-market demand is getting most of the attention, but management has demonstrated a willingness to tackle cost and efficiency more so than in previous cycles. Q3 EBITDA/EPS were up 20 per cent/70 per cent year-over-year despite a flat top-line. We see several catalysts for valuation to reflate, but timing may still be a few quarters out, namely: (1) a string of consistent results; (2) macro recovery, particularly in Canadian manufacturing (new budget might help), which would enable recent gross margin/SG&A initiatives to drive significant operating leverage; and (3) deleveraging/restart of M&A, namely an ERS roll-up."