The Globe and Mail reports in its Tuesday edition that National Bank Financial analyst Vishal Shreedhar has reaffirmed his "outperform" ranking for Groupe Dynamite. The Globe's David Leeder writes that Mr. Shreedhar hiked his share target by $7 to $32. Analysts on average target the shares at $26.15. Mr. Shreedhar continues to see "compelling upside" in shares of Groupe Dynamite even after a 35-per-cent surge since he added the retailer to his "top picks" list on June 17. Mr. Shreedhar says in a note: "We believe that Groupe Dynamite has strong metrics which could support a favourable rerating, provided they continue to execute well. We believe that Groupe Dynamite could ultimately trade at a multiple closer to [Aritzia], which trades at 14.3 times NTM [next 12-month] EBITDA (IFRS-adjusted); Groupe Dynamite trades at 9.2 times. For reference, this would imply share price upside of 60 per cent for Groupe Dynamite; continued strong execution over many quarters and relative stability in the macro-backdrop is key, in addition to sensible secondary issuances from the principal shareholder which do not inhibit share price appreciation." Mr. Shreedhar says Groupe Dynamite differentiates itself "by strong financial metrics."