The Globe and Mail reports in its Friday edition that RBC Capital analyst Irene Nattel has reiterated her "outperform" recommendation for Saputo. The Globe's David Leeder writes in the Eye On Equities column that Ms. Nattel cut her share target to $35 from $38. Analysts on average target the shares at $31.69. Ms. Nattel says in a note: "Despite persistent commodity headwinds, benefits of $2-plus-billion capital program focused on efficiency, productivity and network optimization are gaining traction notably in U.S. Adjusted EBITDA $417-million up 13 per cent year-over-year, 3 per cent above forecast. Canada and U.S. delivered strong growth, international/Europe lagging and Saputo booked $674-million write-down on UK segment due to ongoing challenging conditions. Tone of release determined but balanced as realization of full benefits of P&E initiatives are offset by macro headwinds. Saputo active on NCIB, an important signal around FCF inflection, and raised from 2 per cent to 5 per cent. Moderating trajectory, recovery, trimming multiples." The Globe reported on Jan. 16 that National Bank Financial analyst Vishal Shreedhar had reiterated his "outperform" recommendation for Saputo. It was then worth $23.07.