In an effort to improve profitability, Univar has been shrinking volumetrically for three years now: -7% in 2015, -4% in 2016 and -5% YTD in 2017. In this context, we have wondered whether the discipline required to turn away low-margin business has been restraining upside, at least temporarily while the company hires new salespeople aggressively to develop higher margin opportunities. Looking ahead... • New supplier authorizations could help a bit. When CEO Newlin first took over in 2016, we viewed Univar as being in "damage control" mode as it relates to US supplier relationships. Nowadays, things are looking up. In recent weeks, Univar has announced a flurry of new supplier authorizations with... • We upgrade from Sell to Hold and trim our price target by $1. Our target dips by $1 to $30 from $31, mainly to reflect the downdraft in the equity capital markets since we had last revised our model.