The Globe and Mail reports in its Friday, Feb. 6, edition that National Bank analyst Ahmed Abdullah is keeping an "outperform" rating on Winpak intact after "subtle tweaks" to his forecast of its Feb. 23 quarterly release. The Globe's David Leeder writes in the Eye On Equities column that Mr. Abdullah boosted his share target by a loonie to $48. Analysts on average target the shares at $47.50. Mr. Abdullah says in a note: "Muted demand and delays in anticipated wins drove weak 2025 volumes. Winpak cut its outlook with 2Q25 (was 4-per-cent to 6-per-cent volume growth; 2025 estimate down 0.7 per cent). The company is pursuing new mandates to support a sustainable volume recovery over time. We believe the mandate pipeline could deliver mid-to-high single-digit revenue gains, but what share converts this year remains unclear. Our 2026 forecast assumes 2-per-cent volume growth with flattish pricing as we lap aluminum passthrough tailwinds (upside to forecast exists). Most of Winpak's portfolio is tariff-exempt under USMCA (excl. aluminum tariffs). Winpak is evaluating M&A in healthcare and other core segments in its markets. The company is also focused on cost-cutting amidst tariff uncertainty."