The Globe and Mail reports in its Friday, Nov. 8, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Ag Growth International. The Globe's David Leeder writes that Mr. Sytchev gave his share target a $2 trim to $72. Analysts on average target the shares at $73.88. Mr. Sytchev believes Ag Growth's operational improvements support its margin profile despite pressure on its U.S. farm business, but he thinks it needs to "do a better job on expectations management." Mr. Sytchev says in a note: "Surprisingly, shares are up 5 per cent on [Wednesday] which is likely related more to positioning of investors having lowered their expectations while ag equipment numbers were all weak couple of days ago. That being said, we still take issue with guidance and hope for a more conservative approach to 2025. At least FCF is looking better. It's really difficult to say with precision when an upturn in U.S. farm will take place; we are in year three of bad farm incomes; it's rarely four but who knows where the wind (literally)/El Nino/La Nina will blow in 2025? On the other hand, the order book in commercial is filling up nicely, especially in the International segment."