The Globe and Mail reports in its Thursday, Feb. 5, edition that TD Cowen analyst Cherilyn Radbourne warns the short-term environment for Canadian heavy equipment dealers "remains dynamic," leading her to be "somewhat cautious" on the fourth quarter of 2025. The Globe's David Leeder writes in the Eye On Equities column that Ms. Radbourne believes the group's medium- to long-term earnings prospects are improving. Ms. Radbourne continues to rate Wajax "hold." Ms. Radbourne gave her share target a $3 boost to $28. Analysts on average target the shares at $29. Ms. Radbourne says in a note: "We have slightly reduced our Q4/25 estimate for Wajax to 0 cents, from 2 cents, but remain 4 per cent above consensus. Wajax is lapping a particularly weak quarter where efforts to adjust inventory levels resulted in equipment sales at meaningfully lower margins, and more recent margin improvement driven by internal initiatives could result in a possible upside surprise. We have increased our valuation multiple to eight times from 7.5 times." The Globe reported on April 25 and Oct. 17 that Ms. Radbourne had reaffirmed her "buy" recommendation for Wajax. It was then worth $17.39 and $22.77.