The Globe and Mail reports in its Tuesday, July 25, edition that citing a recent pullback in share price, CIBC World Markets analyst Paul Holden has upgraded his rating on Fairfax Financial Holdings to "neutral" from "underperformer." The Globe's David Leeder writes in the Eye On Equities column that Mr. Holden continues to target the shares at $600. Analysts on average target the shares at $673.77. Mr. Holden, previewing the release of Fairfax's second quarter financial results, scheduled for an Aug. 3, expects to see "solid" gains in the near term. He says in a note: "We estimate total investment gains in Q2 of $183-million (pre-tax) with nearly a 50/50 split between bonds and equities. The fixed income portfolio benefited from a modest decrease in sovereign bond yields (yield on the 10-year U.S. Treasury declined by 8 basis points quarter over quarter) and a modest tightening in corporate spreads. We estimate a gain of $105MM on Fairfax's fixed-income portfolio. We forecast a gain of $96-million on the common equity portfolio including a gain on sale from Tembec shares. We assume a small loss of $7-million on CPI-linked derivatives as inflation expectations saw a modest increase over the second quarter."