The Globe and Mail reports in its Wednesday, May 28, edition that TD Cowen analyst Patrick Sullivan lowered his rating for Wajax to "hold" from "buy," seeing the industrial products and services provider "now trading close to fair value." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sullivan is keeping his share target at $24. Analysts on average target the shares at $22.38. Mr. Sullivan says in a note: "Wajax has made excellent progress adjusting its operating expenses in the previous two quarters, and we commend the team for that effort; however, normalized equipment supply is likely to put a ceiling on, or pressure, gross margins in the near term, in our view. The most recent Canadian Equipment Report out of Rouse indicates that both general construction equipment and heavy earthmoving equipment auction values continued to weaken through April, which was also a low-volume month, supporting our view of a well-supplied, competitive market. ... Tariff-related uncertainty has already impacted investment decisions from certain customers, creating notable weakness in the portion of the IP/ERS business related to capital projects vs. that related to general maintenance, which has remained resilient."