The Globe and Mail reports in its Friday, Feb. 6, edition that Stifel analyst Ian Gillies, heading into fourth quarter 2025 earnings season for Canada's industrial sector, thinks the underlying trends across his coverage universe "seem to be improving" after an "eventful" start to the new year with investors unable to "ignore the political noise." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gillies says in a note: "The U.S. manufacturing is above 50 for the first time since February, 2025, management commentary around end market demand suggests sequential improvement, but the one metric we are waiting to inflect positively is non-resi spending in the U.S. In Canada, large capital projects appear to be moving forward, which should provide a 2H26E and 2027E tailwind. ... What really matters is if revenue growth is going to accelerate in 2026E after a choppy 2025. 4Q25 will be well in the rear view as companies report results in late February and early March." He says the valuation entry point for Neo Performance Materials remains attractive. Mr. Gillies continues to rate Neo Performance "buy." Mr. Gillies gave his share target a 50-cent boost to $23. Analysts on average target the shares at $22.50.