The Globe and Mail reports in its Friday, Nov. 8, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Stella-Jones. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev trimmed his share target by $9 to $90. Analysts on average target the shares at $96.13. Mr. Sytchev says in a note: "On our below consensus pre-quarter numbers for 2025, Stella-Jones is now trading at 9.7 times EV/EBITDA and 12.1 times P/E. We are of course kicking ourselves for not getting off the trade when the shares got close to $100, hoping for perhaps the poles issues to be pushed out into 2025. This did not happen, and it's too late to downgrade now after a minus 15-per-cent haircut. The positive earnings revision dynamic is gone, which we think should be counter-balanced by better FCF as the capacity investment cycle is behind us; NCIB will provide incremental support. It is interesting that power names today are weak in the U.S. (the likes of Quanta, Mastec) on potentially higher rates due to deficit spending that might constrain utilities' capacity to spend. Maybe. Or maybe the overall higher economic growth could lift most boats."