The Globe and Mail reports in its Friday edition that TD Cowen analyst Michael Van Aelst has reaffirmed his "buy" recommendation for Saputo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Van Aelst gave his share target a $2 trim to $35. Analysts on average target the shares at $30.63. Mr. Van Aelst says in a note: "U.S. market factors should be a large negative hit to Q4 EBITDA. Despite averaging higher y/y, the U.S. commodity cheese price fell 14 per cent over the past four weeks, which leads to unfavourable realization of inventories. The milk-cheese spread is also trending well below year-ago levels. ... We now expect 5-per-cent U.S. EBITDA growth (vs. 15 per cent previously) led by returns on GSP capex (adds $26-million in the quarter and $100-million for F25). In Canada, we see 15-per-cent EBITDA growth leading to record Q4 profits for the seasonally weaker quarter, driven by operational efficiencies, lower G&A, mix and higher volume. With the recent drop in the U.S. cheese price and the weak U.S. market factors seen in Q4-to-date, we are now calling for EBITDA of $377-million (down from $400-million previously) vs. $379-million last year, 6 per cent below consensus of $400-million."