The Globe and Mail reports in its Friday edition that Scotia Capital analyst Phil Hardie has reaffirmed his "sector perform" recommendation for AGF Management. The Globe's David Leeder writes that Mr. Hardie elevated his share target by a loonie to $15. Analysts on average target the shares at $15.20. Mr. Hardie says in a note: "AGF has demonstrated strong operating momentum through its third quarter where it outperformed industry AUM growth in June and July. ... AGF's high exposure to equities is likely to provide torque to the stock price in an upward equity market swing, supported by a strong balance sheet that provides a floor to the stock in the event of a sell-off. Given the transitioning market conditions we expect investors to be focused on what this means for the near-term sales outlook and capital allocation priorities. We also expect to see continued interest in AGF's product development pipeline and growth strategy across its alternatives platform. We have made notable changes to our forecast given higher than initially forecast AUM for the quarter as well as improving market conditions evident by the strong market rally that characterized much of Q3. ... AGFs valuation continues to look attractive."