The Globe and Mail reports in its Friday, Jan. 10, edition that BMO analyst Tamy Chen has reiterated her "market perform" recommendation for Saputo. The Globe's David Leeder writes that Ms. Chen gave her share target a $3 trim to $27. Analysts on average target the shares at $34.20. Ms. Chen says in a note: "We are surprised by the stock's weakness since December from $27 to $24 because there are positive greenshoots in most segments. The U.S. is seeing global strategic plan (GSP) benefits. Australia has reset to a lower milk price. Europe is improving after clearing high-cost inventory. Perhaps the recent abrupt departure of newly appointed COO Frank Guido was a contributor to the stock move. Headwinds in Argentina have also worsened sequentially. But the stock now trades at seven times our F2026E EBITDA and 6.5 times our F2027E EBITDA, a new low vs. historical. This seems too punitive so there may be some potential near-term upside to the high-$20s. Our thesis is we want to assess how successful the company's further push into branded retail sales could be. Our view is that, without this, the company's earnings power would still be quite impacted by commodity volatility and thus, difficult to see valuation rerating."