The Financial Post reports in its Friday, Oct. 24, edition that TD Securities analyst Graham Ryding has cut his rating on Canaccord Genuity Group ($9.59) to "hold" from "buy" (all figures Canadian unless otherwise stated). The Post's Jonathan Ratner writes in the Trading Desk column that Mr. Ryding trimmed his share target to $12.50 from $15. Mr. Ryding says: "We would describe Canaccord's M&A pipeline as decent but not overwhelming. ... We believe that results from Canaccord's primary capital market platforms (Canada, the U.K., and the U.S.) could continue to be somewhat erratic." The analyst expects Canaccord to produce an annualized return on equity of about 10 per cent in the medium term. However, given the stock's 57-per-cent year-to-date gain and 1.3 times book value, he does not see enough upside to warrant a buy rating. He notes that Canaccord's portion of Amaya Gaming Group's $4.9-billion purchase of Poker Stars helped the broker lead an estimated $1.1-billion worth of Canadian deals in the second quarter of fiscal 2015. However, the firm's led-deal volumes of $32-million (U.S.) in the U.K. and $19-million (U.S.) in the U.S. are well below quarterly averages.