The Globe and Mail reports in its Thursday, Jan. 29, edition that Desjardins Securities analyst Keith Howlett had cut his rating on Metro ($100.43) to "hold" from "buy." The Globe's Luke Kawa, Tim Shufelt and Darcy Keith write in the Eye On Equities column that Mr. Howlett, however, boosted his share target to $108 from $98. The analyst says Metro has "clearly re-established" its ability to grow same-store sales but upside for the stock may be limited following gains of more than 40 per cent over the past six months. On Tuesday, the grocer reported earnings that exceeded expectations and announced a dividend hike of 16.7 per cent. The share price appreciation has Mr. Howlett thinking that the company's valuation is rich. He says: "It appears that (in a low-interest environment) investors favour growing players in stable cash flow businesses. ... We believe that Metro could be an acquirer or a target within the rapidly evolving Canadian retail landscape." On Monday, ahead of its earnings report, analysts at Raymond James also downgraded Metro to hold, citing valuation concerns. The Globe's Ian McGugan recommended buying Metro on Dec. 3, 2014. The shares were then trading at $90.73.