The Globe and Mail reports in its Thursday edition that Scotia Capital's Jonathan Goldman has reaffirmed his "sector outperform" recommendation for Wajax. The Globe's David Leeder writes that Mr. Goldman gave his share target a $4 trim to $24. Analysts on average target the shares at $23.75. Mr. Goldman says in a note: "The selloff makes sense to us -- we independently lowered our target by a similar amount -- as we think earnings power will be materially lower in the near-term. That is due to a combination of lower IP/ERS/PS volumes as customers defer maintenance spend, increased competitive intensity and outsized impacts to margins being sub-scale. Management is being proactive mitigating macro headwinds by reducing costs, but IP/ERS peers are saying conditions could remain choppy in the near-term. Shares trade at 7.7 times P/E on our 2025E and 0.87 times P/B. The fly-wheel will eventually work in reverse: improving macro, destocking, deleveraging, ERS M&A, etc. As one of the higher torque names in our universe, that should eventually accrue large gains to shareholders. But, following a string of misses, we think shares will remain in the penalty box until management rebuilds credibility with investors."