The Globe and Mail reports in its Tuesday edition that ATB Capital analyst Tim Monachello has downgraded Mattr to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Monachello slashed his share target by $5 to $9. Analysts on average target the shares at $9.79. Mr. Monachello says in a note: "Mattr shares traded 21 per cent lower on Nov. 13, 2025, following its Q3/25 results (after market on Nov. 12, 2025) that included adj EBITDA of $34-million 9 per cent below consensus of $37-million, driven by below expectation margins, primarily in its Connection Technologies segment. More impactfully, Mattr offered a weakened outlook across much of its business for Q4/25 and 2026 as macro headwinds and geopolitical factors weigh broadly across its diversified platform. While management is working to fill capacity within its four newly minted manufacturing facilities, we no longer believe these efforts will be sufficient to overcome the mounting macroeconomic demand headwinds and cost pressures associated with cross border trade in the 'age of tariffs.' ... Overall, given reduced estimates, a considerably weakened near-term risk-return profile and no clear visibility to improvements, we reduce our rating."