The Globe and Mail reports in its Friday, Nov. 11, edition that despite a "solid" beat with its third quarter results, Raymond James analyst Kenric Tyghe downgraded Great Canadian Gaming ($25.37) as he believes the stock is fully valued right now and it is not certain what contracts it may receive as the Ontario Lottery and Gaming Crop. modernizes its network. The Globe's David Leeder writes in the Eye On Equities column that Mr. Tyghe downgraded the stock to "market perform" from "outperform" but maintained his target price of $25 a share. Analysts on average target the shares at $25.92. Mr. Tyghe says in a note, "While we recognize the option value of the various RFPs [request for proposals] related to the OLG's modernization could be material, pricing these options is at best premature at this juncture and as such (based on earnings power through 2017, and caution on River Rock's rebound) we believe that Great Canadian is near fully valued." Great Canadian posted quarterly revenue of $151.2-million, topping both the consensus of $142.9-million and Mr. Tyghe's projection of $140.2-million. Mr. Tyghe points to "markedly better than expected performance" from the majority of its properties.