The Globe and Mail reports in its Wednesday, July 19, edition that Raymond James analyst Steve Hansen has lowered his recommendation for Ag Growth International to "market perform" from "outperform." The Globe's David Leeder writes that Mr. Hansen gave his share target a $6 haircut to $64. Analysts on average target the shares at $72.40. Mr. Hansen issued his downgrade citing "persistent drought conditions across the Canadian prairies that likely portend lower crop yields and reduced farmer demand for new storage infrastructure in [the second half of 2023 and first half of 2024." Mr. Hansen says in a note: "While AGI's globally-diverse backlog remains flush and other key jurisdictions have fared much better (Brazil, India, U.S.), we're mindful that Canada still represents a core jurisdiction (approximately 25 per cent of revenue) and could introduce modest headwinds later this year. As such, while we continue to admire Ag Growth's long-term outlook, we're taking this opportunity to capitalize on recent share price appreciation and step to the sidelines until better crop visibility emerges. ... We are also constructive on the company's ongoing strategic initiatives that will likely provide a macro offset."