10:34 AM EDT, 03/25/2024 (MT Newswires) -- National Bank said over the weekend that it considers Lassonde Industries Inc.'s (LAS-A.TO) fourth-quarter results to be "adequate."

The bank noted that the company showed sales growth, and gross profit improvement in all divisions.

Q4 Revenue was $605 million versus the NBF estimate of $617 million and consensus estimate of $603 million. The company reported revenue of $556 million last year.

Adjusted EBITDA for Q4 was $52.6 million versus the NBF estimate of $53.2 million and consensus at $51.9 million. The company reported adjusted EBITDA of $38.3 million last year.

Also, the bank said the 2024 outlook indicates that the turnaround remains on track.

"We consider LAS to be a company with meaningful turnaround potential, predominantly within the U.S. operations. We estimate LAS's U.S. operations generated an EBIT margin of 3% in 2023, from flattish in 2022," the analysts noted.

While maintaining the outperform rating, National Bank has raised the price target to C$174 from C$173.

Price: 155.00, Change: +0.48, Percent Change: +0.31