01:15 PM EDT, 08/12/2024 (MT Newswires) -- National Bank has trimmed its target on Saputo ( SAPIF ) by $1, to $35 after the company reported first quarter results that were in-line, but outlook weighed. Saputo's ( SAPIF ) first quarter adjusted EPS of $0.39 was a slight beat on National's $0.38 and consensus of $0.37.

Analyst Vishal Shreedhar considers first quarter results to be "largely in line" but notes that Saputo ( SAPIF ) commentary also suggests weaker performance in International versus Shreedhar's prior expectation. "We acknowledge that SAP is a show-me story which will take several quarters of solid execution before gaining meaningful traction."

F2025 EPS lowered to $1.83 from $1.90, and F2026 EPS goes to $2.08 from $2.12.

Maintain Outperform rating.

Price: 28.96, Change: -1.68, Percent Change: -5.48