The Globe and Mail reports in its Tuesday, Dec. 2, edition that National Bank's Maxim Sytchev is keeping his "outperform" call for Ag Growth International intact. The Globe's David Leeder writes that Mr. Sytchev gave his share target a $12 trim to $37. Analysts on average target the shares at $39.25. Mr. Sytchev thinks Ag Growth's recent struggles in Brazil are isolated and "unlikely to contaminate the rest of the commercial business." On Nov. 13, Ag Growth postponed the release of its quarterly results, announcing it required more time to review "various matters relating to the company's financial reporting and internal controls with respect to its operations in Brazil." Mr. Sytchev says in a note: "We don't know what exactly transpired in Brazil; it could be aggressive revenue recognition, enabled via project SPVs, factoring charge-offs that are of materially greater magnitude (too early and unlikely to infect the entire business), or outright unethical behaviour à la SNC (impossible to objectively know at this point). ... Even if a portion (or all) of Brazil is impaired, the issue is likely contained within the 15-per-cent revenue exposure, compared to a disproportionate 40-per-cent collapse in share price."