TD downgradeTarget price reduced to $9 from $10.
Potential for Change in Superior's Capital Allocation Strategy: Superior's dividend
yield is among the highest on the TSX, with investors that we speak to questioning its
appropriateness in light of other capital allocation priorities and current leverage. While we
believe that the dividend is technically sustainable, a Q3/24 dividend cut is in the realm of
possibilities, in our view, although more likely to occur with 2025 guidance.