New target of analyst National BankMaintain OP; target raised to C$18.00 We maintain our Outperform rating on NFI Group shares ahead of Q3/23 results that are scheduled for release on November 8th. NFI is the best performing stock in our coverage universe so far in 2023, up 49% YTD versus the TSX up 1%. With demand for buses continuing to be strong, we believe financial results will trend much more positively in the coming quarters, which we believe will support further upside to the share price. Our new target is C $18.00, up from C$15.00 previously as we increase our EV/EBITDA valuation multiple to 6.5x our 2025 forecast from 6.0x previously