The Globe and Mail reports in its Wednesday, June 5, edition that Desjardins Securities analyst Chris Li has reaffirmed his "buy" recommendation for Saputo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Li continues to target the shares at $33, which matches the consensus on the Street. While Mr. Li expects another "challenging quarter" from Saputo when it reports results on Thursday, he believes its "risk/reward skews to the positive but patience is required." Mr. Li says in a note: "While Q4 is expected to be a challenging quarter, we believe Saputo is well-positioned to achieve low-double-digit EBITDA growth in FY25, supported by the ramp-up of network optimization benefits, improving U.S. cheese prices, sales volume growth, potentially much lower Australian milk costs starting July 1, higher international dairy prices and the lapping of high-cost inventories in the U.K. Combined with 30-per-cent capex reduction, we expect an acceleration in FCF, supporting increased capital returns (ie initiation of share buybacks)." Mr. Li thinks the earnings set-up for the next fiscal year "should be more favourable," seeing support from network optimization benefits and improving market conditions.