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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a table to list analyst ratings and a pie chart to visualize the recommendation mix, emphasizing the lack of skepticism among major Canadian banks.",
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      "text": "In our view, Saputo has not carved out an economic moat due to consolidation among dairy producers...",
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      "text": "Spruce Point believes current sell-side analyst price targets are wildly optimistic.",
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      "text": "Recommendation Mix pie chart showing 78% Buy, 11% Hold, 11% Sell",
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      "text": "Price Target: $38.17",
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      "text": "Spruce Point believes current sell-side analyst price targets are wildly optimistic. The consensus estimate projects 11% upside to Saputo’s share price with the expectation that its new strategy and fundamentals improve.",
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      "text": "“In our view, Saputo has not carved out an economic moat due to consolidation among dairy producers, which have amassed greater control over the price of raw milk. Further, we believe the lack of differentiation between its products and those of branded competitors and private label doesn’t suggest the existence of a brand intangible asset.” — Morningstar, Saputo Looks to Milk Inflationary Benefits, But Its Position Could Sour on a Lack of Differentiation, Aug 16, 2022",
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      "text": "Source: Bloomberg; Based on closing price of C$34.29 per share",
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      "text": "Analyst, Recommendation, Price Target table for TD, National Bank, BMO, RBC, CIBC, Desjardins, Scotia, ARC, Morningstar",
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      "kind": "title",
      "text": "Few Skeptics And Aggressive Upside Estimates",
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