The Globe and Mail reports in its Thursday, Oct. 30, edition that TD Securities analyst Scott Treadwell downgraded Horizon North Logistics ($3.31) after quarterly results that missed by a wide margin. The Globe's Tim Shufelt, Jody White and Darcy Keith write in the Eye On Equities column that Horizon's third quarter 2014 revenue of $121.9-million missed both TD's $136.7-million estimate and consensus at $130.4-million, while earnings before interest, taxes, debt and amortization of $26-million came in well below TD's $33.4-million estimate and consensus at $32-million. The analyst says, "Given the substantial miss on EBITDA on both consensus estimates and company guidance, we have materially reduced our estimates and would not advocate for an elevated multiple until the company can execute on the relatively low expectations in front of it." Mr. Treadwell suspects that Horizon's management had an opportunity to update its forecast, but chose not to do so. Mr. Treadwell lowered his rating to "hold" from "buy" and cut his price target by a dollar to $5. The analyst consensus price target, according to Thomson Reuters, is $6.63.