The Globe and Mail reports in its Tuesday, April 8, edition that macroeconomic and commodity challenges continue to "obscure" Saputo's operational improvements, according to National Bank Financial analyst Vishal Shreedhar. The Globe's David Leeder writes that Mr. Shreedhar continues to rate Saputo "outperform," with an unchanged share target of $28. Analysts on average target the shares at $30.38. Mr. Shreedhar says in a note previewing the company's fourth quarter 2025 financial results: "In the U.S., we expect higher volumes, favourable F/X, as well as better block cheese and dairy ingredient market prices to favor revenue growth. We expect EBITDA margin to be 80 bps lower year-over-year, reflecting a negative milk-cheese spread, partly offset by better efficiencies and lower duplicate costs, in addition to other factors. In Canada, we expect continued benefit to revenue from higher volumes, favourable mix and higher selling prices (due to higher cost of milk). In international, we anticipate continued pressure, reflecting an unfavourable export business in Argentina and lower domestic volume in Australia, partly offset by higher exports volumes in Australia [and] higher domestic selling prices."