The Globe and Mail reports in its Tuesday, Nov. 14, edition that Acumen Capital analyst Trevor Reynolds lowered his recommendation for AutoCanada to "speculative buy" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Reynolds trimmed his share target by a loonie to $32. Analysts on average target the shares at $28.73. The Acumen stockpicker says in a note: "Revenue for the quarter was as expected while adjusted EBITDA was negatively impacted by U.S. operations and increased floor plan financing. Margins on new, used and F&I are expected to be challenged in the near term by increased rates while PS&CR is well positioned. Moving forward the question remains as to how resilient the market for vehicles will be with elevated interest rates for longer. While PS&CR [parts, service and collision repair] remains very well positioned to benefit as cars are maintained for longer, new, used and F&I [finance and insurance] are facing increased head winds. Project Elevate, a new five-year strategic initiative, was developed over the summer and is focused on substantially closing the gap to normalized peer (U.S.) profitability and capturing market share."