The Globe and Mail reports in its Wednesday, Dec. 20, edition that CIBC World Markets analyst Krista Friesen has elevated her recommendation for Martinrea International to "outperformer" from "neutral." The Globe's David Leeder writes in the Eye On Equities column that Ms. Friesen boosted her share target to $20 from $14.75. Analysts on average target the shares at $19. Ms. Friesen says in a note: "Our upgrade of Martinrea reflects: a) our broader thesis on the auto industry for 2024 and that those with greater exposure to EVs may see a lower ceiling on their multiple. Given Martinrea's lower exposure to EVs relative to the other suppliers in our coverage, we believe that bodes well for the company's multiple; b) The valuation on Martinrea is compelling with the company trading at 3.3 times 2025 consensus EBITDA versus its 10-year historical average of four times; and 3) Historically FCF has been somewhat elusive for Martinrea; however, 2023 looks to have been a turning point for the company. After several years of minimal to negative FCF, we are forecasting FCF conversion (as a percentage of EBITDA) to improve from 10 per cent in 2022 to 22 per cent in 2023 and nearly 40 per cent in 2025."