“Maintains a 'buy' rating on Trent, affirming long-term growth prospects are intact with management's 25% CAGR guidance and stable margins from private labels. However, he anticipates a near-term 'time correction' for the next two to three quarters due to Q3 growth missing expectations, intensifying competition, a normalising high base, and high valuations (90x earnings). Earnings estimates could also see downgrades.”