Inside the Market’s roundup of some of today’s key analyst actions
After a fourth-quarter earnings miss and “subpar” outlook, National Bank Financial analyst Maxim Sytchev warns investors 2025 will be a year of building for Colliers International Group Inc. (CIGI-Q, CIGI-T), and while “not great” in the short term, it will “make it for a stronger entity down the line.”
“Everyone is a long-term investor (not) until a negative earnings revision dynamic sets in,” he said. “The CEO on the call qualified 2025 as a year of building/integrating; we are OK with that even though our post Q3/24 disappointed print upgrade looks premature in hindsight. Stepping back for a second though, we have alternative asset managers all being up on a stick (positive read through for CIGI’s IM business) and the engineering industry has a very strong tailwind while CRE issues afflicting Capital Market and Leasing are behind us. We have no idea where the US 10-year Treasury yield will be in 12 months, especially in light of obviously inflationary pressure amid all the tariff talk; at the same time, we are still modeling 13-per-cent and 14-per-cent EPS growth in 2025E and 2026E due to M&A and an uplift in margin profile, especially in 2026E. A 20.5 times P/E on 2025 estimates does not sound amazing but with a higher inflection profitability point in 2026E one gets a well-run platform at 18.0 times P/E (on 2026E). We are comfortable accumulating at these levels here post the stock sell-off.”
Shares of the Toronto-based professional services and investment management company fell 6.7 per cent on Thursday after it reported net revenue for the quarter of US$1.502-billlion, up 22 per cent year-over-year and 5 per cent higher than the Street’s projection of US$1.442-billion “driven by growth in all segments with Leasing and Capital Markets rebounding the most.” However, adjusted EBITDA came in at US$225-million, falling 5 per cent below the consensus estimate of US$237-million due to a number of factors, including margin performance impacted by weather-related delays in Engineering. Adjusted earnings per share of US$2.26 was 11 US cents lower than anticipated.
Mr. Sytchev emphasized Colliers’ rebound is continuing “though at a more moderate pace” than previously anticipated.”
“Transactional recovery should continue, but at a more moderate pace.,” he said. “Full year 2025E revenue growth in the mid-single-digit range suggests that the cyclical recovery in Leasing and CM is still firmly intact, despite an uncertain macro dynamic making it harder for buyers and sellers to find a liquid equilibrium. While the cost base in the RES vertical is quite variable due to its commission-based compensation structure, higher costs (including a continuation of recruitment expenses) will constrain the magnitude of margin expansion.
“Scaling and optimization of the Engineering platform should narrow the margin gap to pure consulting peers. Despite softer-than-expected margins in the quarter, full year 2025E EBITDA margins are expected to rise by about 150 bps to the low-to-mid 13-per-cent range (GAAP basis on net revenue, comparable to ex-IFRS) in 2025E, closing the gap to pure-play consultants such as STN and WSP at a respective 15.3 per cent and 15.7 per cent as per our forecasts. Organic top-line growth is estimated to be in the 6-per-cent range, though, similar to the RES segment, current FX rates would create a 2-3-per-cent headwind. Near-term top-line growth estimates are in line with what U.S. consultants Jacobs and AECOM communicated in their most recent results. Further growth of the platform should further de-risk the earnings profile and support a higher long-term trading multiple for CIGI shares.”
Expecting growth to largely come from the back half of 2025, Mr. Sytchev reduced his estimates ”lightly below management’s mid-point of the guide and consensus estimates for 2025E as we expect near-term margin headwinds from the Real Estate services and Investment management business as the company is still ramping up productivity of recently hired personnel.” That led him to drop his target for Colliers shares to US$169 from US$182 with an “outperform” recommendation (unchanged). The average target on the Street is US$169.29.
Elsewhere, other analysts making adjustments include:
* Raymond James’ Frederic Bastien to US$170 from US$175 with an “outperform” rating.
“We maintain our Outperform rating on Colliers after a weaker-than-expected 4Q24 print and cautious outlook for 2025 caused a knee-jerk reaction in the share price yesterday. Trade policy uncertainty notwithstanding, the worst of the commercial real estate sector’s troubles are in the rearview, leaving the pace of recovery as the biggest unknown to us. Other factors keeping us constructive on CIGI include its entrepreneurial DNA, leadership position in niche alternative investments, and budding engineering practice. This powerful combination, in our view, is sure to compound shareholder value well past our forecast horizon,” said Mr. Bastien.
* RBC’s Jimmy Shan to US$175 from US$170 with an “outperform” rating.
“The 6-7-per-cent lower 2025 guide to consensus (1-3 per cent lower to us) drove price performance [Thursday] … Fair. But we believe that the market should not miss the forest for the trees. CEO Jay Hennick could not be more clear on the call in explaining their efforts to prime the IM business for something strategic down the road. What that means exactly remain to be seen, but what we do know is that IM Platforms are worth a lot and CIGI appears to be doing something about,” said Mr. Shan.
* BMO’s Stephen MacLeod to US$172 from US$177 with a “market perform” rating.
“Colliers declined 8 per cent on a Q4 miss and weaker-than-expected 2025E guidance,” he said. “We view this as an attractive entry point for long-term investors based on our belief that Colliers will be a multi-year compounder of shareholder value. Most notably, the 2025E outlook reflects a slower-than-expected CRE transaction recovery and a new fundraising cycle at IM. While both are expected to be near-term earnings headwinds (H1-weighted), Colliers is positioned for accelerated growth exiting 2025E and into 2026E. Unannounced acquisitions present upside to our 2025E and 2026E estimates.”
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Scotia Capital analyst Maher Yaghi reiterated his bullish stance on Thomson Reuters Corp. (TRI-N, TRI-T) after it reported higher fourth-quarter revenue on Thursday and raised its annual dividend, predicting stronger returns over the next two years despite turmoil over global trade and changing expectations for artificial intelligence.
“TRI stock was up 5 per cent [Thursday] as the company delivered inline quarterly results and provided an optimistic outlook that reflects the continued flow through of AI investments to their top and bottom line,” he said. “The company not only expects improvements in organic growth and EBITDA margins in 2025 but also beyond in 2026. This is a testament to the strong demand and adoption of GenAI products in addition to product portfolio management. All while maintaining a pristine balance sheet, the company is positioned well to continue capitalizing on M&A opportunities, which can provide additional upside to growth targets in the longer term. While the stock continues to trade at a premium to peers, we think this is justified by the company’s diverse product suite which provides a clear path for continued revenue and profitability acceleration.”
Seeing incremental improvements in revenue growth and margins ahead and seeing it “focused to prudently grow the business,” Mr. Yaghi raised his target to US$188 from US$187 with a “sector outperform” rating. The average target on the Street is US$174.66.
“We believe TRI’s management has gained significant credibility given the complete overhaul of the business that they have undertook in the last few years. With the company’s major segments now delivering mid to high single digit revenue growth we expect the shares to continue to gain momentum. In addition, the expected monetization of the company’s LSEG holdings should add upside to our target price in due course,” he concluded.
Those making changes include:
* National Bank’s Adam Shine to $286 from $260 with an “outperform” rating.
“When looking at our NAV, TRI tends to trade two rather one year forward,” said Mr. Shine. “While being more aggressive than usual with our valuation, albeit for a company that continues to execute optimally, we opted to push our valuation by a year and now base it on average of 2026 DCF & 2027 NAV. We assume $500-million buyback each year in our forecast.”
* TD Cowen’s Vince Valentini to $260 from $250 with a “hold” rating.
“Q4/24 results were in line while organic growth expectations continue to grow and solidify. TRI’s generative and agentic AI solutions continue to gather steam amongst their clients. Thomson continues to execute well, and the balance sheet arguably provides downside protection for investors. However, we believe that the valuation is full, so we maintain our HOLD rating,” said Mr. Valentini.
* BMO’s Tim Casey to $265 from $260 with an “outperform” rating.
“We believe TRI offers the most attractive fundamental outlook within our coverage. We believe its premium valuation reflects 1) a strong/well positioned core business, 2) high barriers to entry, 3) effective management execution, 4) strong FCF conversion, 5) a fortress balance sheet, 6) sustainable 10-per-cent dividend growth. We believe the AI opportunity in the legal and T&A ecosystem is theirs to lose,” said Mr. Casey.
* Canaccord Genuity’s Aravinda Galappatthige to US$175 from US$164 with a “hold” rating.
* CIBC’s Scott Fletcher to US$174 from US$165 with a “neutral” rating.
* JP Morgan’s Andrew Steinerman to US$177 from US$175 with a “neutral” rating.
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While National Bank Financial analyst Cameron Doerksen reaffirmed his “outperform” recommendation for shares of Bombardier Inc. (BBD.B-T) following Thursday’s release of its fourth-quarter 2024 results and decision to suspend its financial forecast and objectives for the year, he emphasized near-term caution is warranted for investors given the uncertainty surrounding tariffs.
“Absent the tariff issue, Bombardier would still be one of our top ideas,” he said. “However, a 25-per-cent tariff on jets to the U.S. presents a material threat to Bombardier’s relative competitive position in the largest market for business jets with significant potential financial implications. However, our view is that at the current share price, the risk-reward on Bombardier shares has become interesting. As we detail below, our back-of-the-envelope downside valuation on a 25-per-cent tariff scenario is $68.00/share (down 16 per cent). But the potential upside on the stock if there is no tariff (assuming a 7.0 times EV/EBITDA multiple on our 2026 forecast) is $127.00 (up 57 per cent).”
Before the bell, the Montreal-based company reported largely better-than-anticipated quarterly results with jet deliveries of 57, falling in line with Mr. Doerksen’s forecast but four units short of the low end of the company’s full-year guidance range. EBITDA of US$513-million topped both the analyst’s US$469-million estimate and the consensus at US$483-million. Free cash flow of US$814-million also topped expectations (US$778-million and US$756-million, respectively).
However, the investment case for the manufacturer is cloudy given the ongoing tariff war, sending its shares lower by 5.7 per cent on Thursday.
“We previously highlighted the risk of tariffs as a potential threat to Bombardier given that final jet production and completion of all Bombardier planes is in Canada, but roughly two thirds of global business jet demand is in the U.S.,” he said. “Assuming some offsets from a weaker CAD and some modest pricing adjustments, we estimate the impact of a 25-per-cent tariff at $470-million (assuming Bombardier were to absorb the tariff impact for customers). Reducing our 2025 EBITDA forecast by that amount along with corresponding cash impacts and applying an 8.0 times EV/EBITDA multiple would result in a valuation of $68.00/share.”
“While the company’s business jet competitors would also be impacted to varying degrees from tariffs, its closest competitor in the high end of the market, Gulfstream, assembles and completes its planes in the U.S. While near-term jet deliveries for Bombardier are unlikely to be impacted given large customer deposits and progress payments already committed by customers, we could see an immediate drop-off in new order activity with lower cash deposits impacting free cash flow. If tariffs do become a reality, Bombardier indicates that it has a plan to help mitigate the impact depending on the level of the tariffs as well as how long they remain in place
Based on that uncertainty, Mr. Doerksen cut his target for Bombardier shares to $103 from $134. The average is $114.27.
Other analysts making target adjustments include:
* Desjardins Securities’ Benoit Poirier to $142 from $145 with a “buy” rating.
“While our assumptions for 2025 remain relatively unchanged (we still estimate 155 deliveries and a book-to-bill ratio of 1.0 times), we have baked in some added conservatism to our FCF number to account for the tariff and supply chain uncertainty — we now forecast FCF of US$740-million in 2025,” he said. “We roughly calculate that even if bookings slow and BBD is only able to achieve a book-to-bill of 0.9 times, the company should still be able to generate FCF of ~US$600-million.”
* RBC’s James McGarragle to $116 from $130 with an “outperform” rating.
“We came away very positive on Bombardier’s outlook following the conference call versus our more cautious view post press release,” he said. “Incremental was that 1) management is currently seeing no impact from tariffs on orders / market dynamics and that 2) in the absence of tariff risk, management was prepared to reaffirm 2025 targets - two very important takeaways from the call that give us increased confidence in our 2025 estimates. That said, we do not dismiss the downside risk from tariffs but continue to see risk/reward as skewed very positive and flag Bombardier as our best idea.”
* CIBC’s Kevin Chiang to $110 from $126 with an “outperformer” rating.
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National Bank Financial analyst Travis Wood sees Tenaz Energy Corp.’s (TNZ-T) “strategy of targeting undercapitalized, non-core assets where FCF is readily available is a unique opportunity given the wide range of global operating regions the company will evaluate.”
Accordingly, he initiated coverage of the Calgary-based company, which has domestic operations in Canada and offshore gas assets in the Netherlands, with an “outperform” recommendation on Friday.
“The oil and gas sector has evolved into a sustainable capital allocation model, flanked by lower leverage and businesses focused on returning meaningful free cash flow to shareholders,” said Mr. Wood in a research report. “As a result of this paradigm shift, companies which have operated more sustainably and efficiently while delivering at least moderate growth, have outperformed peers over the past couple of years (see our 2025 Outlook for more thoughts on relative outperformance). As investors weigh risk and opportunity across the sector in what we view as a mid-cycle commodity price environment, organic growth opportunities have been limited and play specific (think the Permian or Clearwater), offsetting natural declines and leaving corporate growth in the low single digits. This dynamic opened the door for transformative acquisitions where companies are looking to consolidate and capture quality inventory, while working in parallel to gain operating efficiencies to improve margins and enhance returns.
“Amidst the evolving landscape of the energy sector, Tenaz Energy stands out strategically as the company focuses on acquiring high-quality, producing international assets, often underfunded out of a supermajor portfolio to unlock free cash flow generation in the early stages by optimizing operations with marginal capital investment. In Canada, Tenaz operates out of the Leduc Woodbend area of Central Alberta, producing out of the Mannville Group. Internationally, Tenaz holds offshore natural gas and midstream assets in the Dutch North Sea (DNS), which offers substantial opportunities for additional expansion.”
Mr. Wood thinks Tenaz’s technical team, led by chief executive Anthony Marino, provides “the opportunity to enhance shareholder returns through opportunistic acquisitions and continuous improvement around operating efficiencies.”
“The company aims to expand its portfolio by focusing on strategic regions such as Europe, South America, the Middle East & North Africa, and further consolidating assets around these cornerstone acquisitions to improve efficiency,” he added. “Ideally, we would prefer continued consolidation out of its core European region where the company brings experience and relationships, further supported by healthy natural gas fundamentals to support prices relative to the North American market.”
The analyst set a Street-high target of $23 per share. The current average is $16.75.
“As we consider the value compression into 2026, we would earmark the stock price as potentially undervalued relative to future transactional opportunities,” said Mr. Wood. “We do believe the company is likely to leverage its current cost of capital advantage to capture additional assets to extend and expand on other global development opportunities. In our view, Tenaz is the only company in our coverage that provides an opportunity for investors to gain global energy exposure out of an ambitious, nimble, entrepreneurial team who is looking to continue to add value to shareholders through both organic and transactional opportunities. We believe European natural gas prices will remain relatively attractive over our forecast period given the need for friendshoring, energy security and demand growth in the wake of complicated geopolitical tensions. This should help provide some form of revenue clarity (as much as we can expect from the volatile commodity sector) surrounding the sustainability of the return profile as production ramps.”
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Pointing to an improved outlook and sentiment for its operating subsidiaries, CIBC World Markets analyst Nik Priebe upgraded Power Corp. of Canada (POW-T) to “outperformer” from “neutral” previously.
“We believe that the best time to buy Power Corp is when: i) sentiment is improving on the underlying operating subsidiaries, and ii) the NAV discount is wider than usual,” he said. “Great-West Lifeco reported a strong quarter [Wednesday] evening and our covering analyst (Paul Holden) upgraded the stock. The 10-per-cent repricing of GWO’s shares was the strongest market reaction to an earnings event in over a decade, suggesting to us that sentiment could be poised to turn a corner. The outperformance of GWO versus POW also means that Power’s NAV discount has gapped out and is approaching a key support level. This, in our view, creates a unique opportunity from a timing standpoint to initiate or build a position in POW.”
His target rose to $55 from $48. The average is $51.43.
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In other analyst actions:
* CIBC’s Paul Holden upgraded Great-West Lifeco Inc. (GWO-T) to “outperformer” from “neutral” and increased his target to $60 from $56. Other changes include: BMO’s Tom MacKinnon to $54 from $52 with a “market perform” rating, Scotia’s Meny Grauman to $60 from $59 with a “sector outperform” rating, Desjardins Securities’ Doug Young to $53 from $49 with a “hold” rating and RBC’s Darko Mihelic to $53 from $51 with a “sector perform” rating. The average is $53.78.
“We think 2025 consensus EPS is too low, primarily as it relates to growth expectations for Europe and Capital & Risk Solutions,” said Mr. Holden. “Our 2025 and 2026 EPS estimates are 3 per cent above consensus. Also, we see potential upside to the valuation multiple as we expect GWO will increase its ROE target at the upcoming investor day (April 2). Our price target increases from $56 to $60 on higher EPS estimates and a slightly higher P/E multiple given positive underlying fundamentals.”
* In response to its fourth-quarter results and 2025 outlook, which includes a drop in earnings per share, JP Morgan’s Sebastiano Petti downgraded BCE Inc. (BCE-T) to “underweight” from “neutral” and dropped his target to $29 from $35. Analysts making target changes include: TD Cowen’s Vince Valentini to $33 from $31 with a “hold” rating, Scotia’s Maher Yaghi to $40 from $42 with a “sector perform” rating and Canaccord Genuity’s Aravinda Galappatthige to $33.50 from $30 with a “hold” rating. The average is $35.35.
“Our discussion with investors indicates that the negative reaction in BCE’s stock [Thursday] occurred as a reaction to management’s negative outlook on Canadian FTTH in the context of the CRTC upholding its view to allow large incumbents to resell fiber out of home,” said Mr. Yaghi. “Unless the wholesale rate drops from current levels, we do not believe the impact on financials should be material. What could materially move financials is wireless pricing, which is starting to show some improvement. Management detailed on the call many avenues it is working on to support FCF and the balance sheet, however until the distribution ratio and the dividend situation is addressed head on, we believe the stock will likely lack momentum to move higher. We have reduced our target as a result of revising our medium term outlook in our DCF valuation from 2.25 per cent to 1.5 per cent.”
* Jefferies’ Robbie Marcus downgraded Bausch Health Companies Inc. (BHC-N, BHC-T) to “hold” from “buy” and cut his target to US$8 from US$12. The average is $9.75.
* Citing “near term headwinds as developments continued to be monitored,” Stifel’s Justin Keywood lowered Medexus Pharmaceuticals Inc. (MDP-T) to “hold” from “buy” with a $3.45 target, down from $6 and below the $6.15 average.
“MDP is up almost 40 per cent in LTM [last 12 months] and peaked at $5.00/share, vs. $2.00 in Nov., following the FDA approval of GRAFAPEX (treosulfan), an important treatment for allogeneic hematopoietic stem cell transplantation,” he said. “However, initial pricing assumptions of US$25k/treatment appears optimistic, including a recent pharmacoeconomic review. The pricing would also be multiple times higher than in Canada and the UK and likely a pricing factor.
“There is also generic risk in the base business with Rupall (20 per cent of sales), losing exclusivity late last month as a negative Health Canada setback for Terbinafine (nail fungus) was disclosed today.”
* TD Cowen’s Aaron Bilkoski bumped his ARC Resources Ltd. (ARX-T) target to $34 from $33 with a “buy” rating. The average is $32.99.
* TD Cowen’s Cherilyn Radbourne bumped his ATS Corp. (ATS-T) target to $58 from $56, exceeding the $49.29 average, with a “buy” rating.
“Bookings of $883-milion, the 2nd highest on record, surpassed even our Street-high estimate,” she said. “ATS now has record backlogs in life sciences and food and beverage, and has made new inroads in robotic surgery. We also believe that there is interesting upside optionality developing over time in nuclear. Unfortunately, the disputed amount owing from ATS’ large EV customer (approximately $3.50/share) remains outstanding.”
* Raymond James’ Brian MacArthur trimmed his Barrick Gold Corp. (GOLD-N, ABX-T) target to US$24 from US$25 with an “outperform” rating. The average is US$21.43.
* Following the announcement of its decision to abandon a potential sale process and will instead buy back US$400-million worth of shares, CIBC’s Todd Coupland reduced his Lightspeed Commerce Inc. (LSPD-T) target to $30 from $35 with an “outperformer” rating. Other changes include: Raymond James’ Steven Li to $29 from $36 with an “outperform” rating, BMO’s Thanos Moschopoulos to US$15 from US$20 with an “outperform” rating, Stifel’s Suthan Sukumar to US$15 from US$18 with a “hold” rating, Scotia’s Kevin Krishnaratne to US$19 from US$21 with a “sector outperform” rating, TD Cowen’s Daniel Chan to US$13 from US$19 with a “hold” rating and National Bank’s Richard Tse to US$15 from US$20 with a “sector perform” rating. The average is $27.06.
“No doubt, the outcome of the strategic review likely raises questions as to why it did not conclude in a sale – most notable and obvious are a price (valuation) and product disconnect, the latter from the vantage point of prospects,” said Mr. Tse. “The challenge for Lightspeed now will be executing on its growth plan in an increasingly competitive market when Lightspeed has also narrowed its TAM. In our view, we see a balanced risk-to-reward profile; we’re revising our target, which was based on a potential take-out valuation to one that’s DCF based – that target goes from US$20 to US$15.”
* Oppenheimer’s Brian Nagel raised his Lululemon Athletica Inc. (LULU-Q) target to US$500, exceeding the US$401.32 average on the Street, from US$380 with an “outperform” rating.
* Following the release of “strong” quarterly results after the bell on Thursday, Citi’s Steven Enders raised his Open Text Corp. (OTEX-Q, OTEX-T) target to US$32 from US$30 with a “neutral” rating. Other changes include: TD Cowen’s Daniel Chan to US$35 from US$38 with a “buy” rating and RBC’s Paul Treiber to US$31 from US$33 with a “sector perform” rating. The average is US$35.33.
“OTEX reported improved in-quarter results yet slower cloud bookings (6 per cent year-over-year) and a $130-million revenue guide down across license/CS/maintenance driven in part by underperformance from MFGP segments ITOM/ADM,” he said. “OTEX has faced a number of growth issues cropping up in recent quarters, driving the outlook down to negative year-over-year organic growth and cloud bookings guide lowered. While we see merit to the OTEX strategy around driving an upgrade cycle and growth drivers emerging in Security cross-sell, a growing SaaS portfolio, and AI tailwinds, we have concerns that the steep cloud bookings ramp for 2H is not de-risked and remain Neutral until we have more confidence in near-term execution yet raise our TP to $32 on higher FCF.”
* Scotia’s John Zamparo trimmed his Rogers Sugar Inc. (RSI-T) target to $6 from $6.25 with a “sector perform” rating, while BMO’s Stephen MacLeod lowered his target to $6.25 from $7 with a “market perform” recommendation.. The average is $6.60.
“Our primary concern remains the ongoing tariff threat, which has both escalated and then retracted since our last note,” Mr. Zamparo said. “Crucially, none of RSI’s major customers has yet signaled any changes to plans for orders or expansion. Sugar and food production epitomize the complexity and uncertainty of the tariff conversation. America imports far more than it exports in this industry, making it a target for the current administration. At the same time, standing up new production stateside could take years and might not provide compelling returns because of construction costs, higher wages and artificially higher raw sugar costs. There’s no easy answer for investors, and we expect geopolitics to limit near-term upside, even as core operations remain sound. We reduce our price target on a slightly lower P/E multiple (11.5 times; 12 times prior) to reflect greater tariff risk.”
* RBC’s Irene Nattel cut her Saputo Inc. (SAP-T) target to $35 from $38 with an “outperform” rating. The average is $31.69.
“Despite persistent commodity headwinds, benefits of $2-plus-billion capital program focused on efficiency, productivity and network optimization are gaining traction notably in U.S.,” she said. “Adjusted EBITDA $417-milion up 13 per cent year-over-year, 3 per cent above forecast. Canada and U.S. delivered strong growth, International/Europe lagging and SAP booked $674-milllion write-down on UK segment due to ongoing challenging conditions. Tone of release determined but balanced as realization of full benefits of P&E initiatives are offset by macro headwinds. SAP active on NCIB, an important signal around FCF inflection, and raised from 2 per cent to 5 per cent. Moderating trajectory, recovery, trimming multiples.”
* Raymond James’ Michael Barth bumped his Suncor Energy Inc. (SU-T) to $58 from $57 with a “market perform” rating. The average is $62.20.
“SU delivered another strong quarter of financial results after already pre-releasing strong operational results earlier this year,” he said. “This is clearly a good business. At the same time, it’s our view that implied expectations today reflect full credit for the operational turnaround, and it’s challenging for us to paint a picture where the company meaningfully surprises to the upside from here; our target, which now reflects very strong operational performance, sits just 6 per cent above the current share price. On balance we view the stock as fairly priced, and reiterate our Market Perform rating, although acknowledge this is one of the better places to hide for investors still concerned about tariff risk.”