The Globe and Mail reports in its Friday edition that Desjardins Securities analyst Gary Ho has lowered his recommendation for Boyd Group Services to "hold" from "buy." The Globe's David Leeder writes that Mr. Ho's share target, however, soared by $30 to $275. Analysts on average target the shares at $254.92. Mr. Ho boosted his financial forecast for Boyd Group after it posted a first quarter earnings beat, which he says was driven by "robust" same-store sales growth of 25.2 per cent and sustained margin expansion. Mr. Ho says he issued his rating downgrade because he now sees "limited upside to significant share price appreciation." Mr. Ho says in a note: "While we remain constructive longer-term, we note that (1) BYD will be up against tougher SSSG starting in 2Q23; (2) wage pressure persists with a tight U.S. labour market; and (3) as a result, it will be tougher to expand margins meaningfully. ... While we like the story longer-term—and despite increasing our estimates (higher SSSG with continued margin expansion) and target price -- we still see a limited 12.7-per-cent potential return." The Globe reported on Feb. 13 that Mr. Ho was sticking with his "buy" recommendation when Boyd was worth $214.78.