The Globe and Mail reports in its Wednesday, Oct. 16, edition that BMO Capital Markets analyst Tamy Chen has lowered her recommendation for Saputo to "market perform" from "outperform." The Globe's David Leeder writes that Ms. Chen knocked her share target back by $5 to $30. Analysts on average target the shares at $34.56. Ms. Chen says in a note: "We believe it is now difficult to see a clean, consistent and material upward trajectory in earnings due to a cumulation of recent negative developments. For us to become favourable, we need to see if/when [Saputo] can materially lessen its exposure to dairy commodities. More branded sales are critical; but our sense is this will likely take some time. Heading into earnings, we believe FQ2/25 (reporting Nov. 7) may be a miss. ... We believe Street forecasts set a tough watermark considering the still elevated volatility in dairy commodities." The Globe reported on June 11 that Desjardins Securities analyst Chris Li had reaffirmed his "buy" call for Saputo. The shares were then worth $29.81. The Globe reported on Aug. 13 that National Bank's Vishal Shreedhar continued to rate Saputo "outperform." It was then worth $29.40.