The Globe and Mail reports in its Friday, Sept. 6, edition that National Bank Financial analyst Maxim Sytchev warns that industrial stocks historically perform poorly when the U.S. Fed eases peak interest rates, calling it "not ideal" for investors. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev says in a note: "All things being equal, lower rates equals higher NPV [net present value], propelling recent laggards such as staples and real estate-exposed names. The operative word 'being equal' as starting valuations, anticipation of rate cuts and, more importantly, their need -- now to stabilize the weakening labour market in the U.S. and prop up overall economy in Canada, respectively, (amid rolled over inflation) -- all play an evolving part within the capital allocation equation." Mr. Sytchev has reaffirmed his "outperform" recommendation and $52 share target for ATS. Analysts on average target the shares at $57.83. The Globe reported on April 17 that Stifel analyst Justin Keywood had reaffirmed his "buy" recommendation for ATS. In the item, Mr. Keywood called ATS one of his "top picks." The shares could then be had for $41.40. The Globe reported on May 22 that RBC rated ATS "outperform" when it was worth $45.06.