The Globe and Mail reports in its Thursday, April 25, edition that CIBC World Markets analyst Hamir Patel, citing an increased valuation multiple given improving volume trends, raised his share target for Winpak to $49 from $45 with an unchanged "neutral" recommendation. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $47.50. Mr. Patel says in a note: "Following the more favourable volume and gross margin guidance for the remainder of the year, we now see EBITDA growth in 2024 (up 5 per cent) compared to our prior forecast for a 3-per-cent decline. To get more constructive on Winpak we would like to see greater visibility on the sales ramp-up of the company's increased capacity coming on-line over H2/24-2026. While we see higher returns among some of our other packaging names under coverage over the next 12 months, we note that Winpak is trading at only six times 2025E estimated EV/EBITDA, a discount to its five-year average forward multiple of 7.9 times." The Globe reported on March 1 that Mr. Patel had downgraded Winpak to "neutral" from "outperformer." It was then worth $40.29.