The Globe and Mail reports in its Tuesday edition that Scotia Capital's Jonathan Goldman continues to rate Adentra "sector outperform." The Globe's David Leeder writes that Mr. Goldman slashed his share target by $10 to $33. Analysts on average target the shares at $42.78. Mr. Goldman says in a note: "Consensus estimates remain stubbornly high, in our view, in the face of worsening consumer sentiment, which has historically been a reliable leading indicator of housing market demand. Peer guidance updates and commentary from recent result calls confirms as much. We have materially lowered our 2025E/2026E and now sit 12 per cent/12 per cent below the Street. Our back of the envelope math takes Q4 EBITDA of $42-million as a starting point (since it includes a full quarter of Woolf) -- or $168-million annualized -- and assumes things got incrementally worse in Q1 and do not improve for the balance of the year. For context, consensus is forecasting $184-million in 2025, including a significant step-up to $50-million in Q2. Adentra shares trade at 6.5 times on our Street low 2025E/2026E vs. historicals at seven times. We would argue the valuation should be higher given our forecasts represent below mid-cycle earnings power."