The Globe and Mail reports in its Thursday, Nov. 16, edition that Desjardins Securities analyst John Sclodnick has downgraded Argonaut Gold to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sclodnick slashed his share target by 30 cents to 60 cents. Analysts on average target the shares at 91 cents. Mr. Sclodnick says in a note: "Magino continues to suffer through numerous ramp-up issues, which have caused significant strain on the balance sheet. While the sale of the Mexican operations may help to reduce debt, it would also lower EBITDA. We see risk of an equity financing, which would be quite dilutive at current valuations; due to this risk and balance sheet strain during the prolonged Magino ramp-up. ... Our target still implies a solid potential return of 33 per cent. We are downgrading the stock to a 'hold' due to balance sheet risk, as we see potential that the company may be in breach of financial covenants and also the risk of an equity raise." The Globe reported on July 7, 2022, that RBC rated Argonaut "outperform" when it was worth 50 cents. The Globe reported on Nov. 19, 2022, that Mr. Sclodnick rated Argonaut "buy" when it was worth 35.5 cents.