National Bank analyst Cameron Doerksen and associate Alex Hutton said in a research note that there was no specific indication of a bid for the Winnipeg company, but many of the factors plaguing it aren’t structural. With demand for buses “arguably the strongest it has been in years,” a patient acquirer could gain access to the leading bus manufacturer in North America and the U.K. at a discount, the note said. (The Logic)

Talking point: Shares rose nearly 10 per cent to $13.24 apiece. The note said a growing number of short sellers should “beware,” since the depressed share price, which has dropped 37 per cent year to date, makes it more attractive to acquirers. The note said that NFI’s position as a leader in zero-emissions vehicles could be a boon, and synergies with a buyer could help NFI’s sourcing woes. Still, the analysts noted that existing shareholders might be reluctant to sell for less than $20 per share.