The Globe and Mail reports in its Friday, April 25, edition that National Bank Financial analyst Ahmed Abdullah continues to rate Winpak "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Abdullah lowered his share target to $52 from $53. Analysts on average target the shares at $51.33. Mr. Abdullah says in a note: "Winpak trimmed 2025 volume expectations given the significant uncertainty around U.S. protectionist trade measures currently in focus. It now expects to see sales volume growth of 4 per cent to 6 per cent for the remainder of 2025 (was 5 per cent to 7 per cent in 2025). This does not reflect pricing/mix impact that may be additive. Winpak commercialized its new extrusion capacity within the MAP production facility in 4Q24, which should drive sales to dairy customers. Additionally, new pet food and healthcare opportunities are expected to enhance volumes. Winpak reiterated that under the current tariff structure in the USMCA region, its portfolio is virtually all tariff exempt (except aluminum-related tariffs which impact some foil-based product). Gross margin still expected to be 31 per cent to 32 per cent given stable raw material backdrop."