The Globe and Mail reports in its Friday, Sept. 27, edition that National Bank Financial analyst Maxim Sytchev rated Wajax "sector perform" in new coverage, with a $26 share target. The Globe's David Leeder writes that analysts on average target the share at $28.25. Mr. Sytchev sees Wajax as "not expensive," however, he warns its return profile is "generally commensurate with current share price." Mr. Sytchev says in a note: "With $2.1-billion top line (largest Hitachi dealer in North America), the company is still sub-scale vs. CAT/Komatsu players, with a leadership position solely in mining shovels. Our due diligence/industry dynamics suggests that systems investments/CAPEX intensity might need to rise despite current management making the company more efficient; lagging ROIC [return on invested capital] vs. best-of-bread is a function of lower product support and rental penetration. Canada-only/(with a heavy dose of Western Canada) also makes the shares dependent on WTI. ... We do not foresee any major acquisitions in the equipment sales vertical and expect management to focus on organic market share growth for new equipment sales and broadening/lengthening the significant associated product support tail."