The Globe and Mail reports in its Thursday edition that CIBC analyst Paul Holden has cut Canaccord Genuity Group to "sector performer" from "sector outperformer." The Globe's David Leeder writes in the Eye On Equities column that Mr. Holden cut his share target by $4.50 to $5.50. Analysts on average target the shares at $6.75. Mr. Holden issued his downgrade ahead of Canaccord posting its third quarter 2016 result on Thursday, saying, "The light at the end of the tunnel has moved further away." He lowered his estimates for the quarter given "weak" deal volumes. His operating earnings per share projection fell from seven cents to a loss of three cents. He says: "The earnings outlook has gone from bad to worse,. The Canadian equity market has reached bear market territory and it feels like other developed markets are on the path to joining us. 2016 earnings expectations for global bulge bracket investment dealers have come down by 14 per cent on average since the end of November and the average estimate for small/mid-cap brokers in the U.S. is down 8 per cent. Given that forward price-to-earnings multiples for both have fallen even further, the market is signaling further downside risk for earnings expectations."