The Globe and Mail reports in its Tuesday, July 22, edition that Bank of Nova Scotia analysts have lowered their recommendation for Arizona Metals to "sector perform" from "sector outperform." The Globe's Darcy Keith writes in the Eye On Equities column that Scotiabank analysts said, "Following the latest resource update at the flagship Kay project, we see the risk-reward profile having shifted." The Globe reported on Dec. 25 that National Bank Financial analyst Rabi Nizami had reaffirmed his "outperform" recommendation for Arizona Metals. In the item, Mr. Nizami said he believed there was potential for growth in Arizona Metals as the market gains confidence in its high-grade Kay mine project. The shares could then be had for $1.65. The Globe reported on Jan. 7 that Scotia Capital analysts continued to rate Arizona Metals "sector outperform." The shares could then be had for $1.54. The Globe reported on July 4 that Stifel analyst Cole MacGill had reiterated his "buy" recommendation for Arizona Metals. The shares were then trading at 94 cents.