The Globe and Mail reports in its Tuesday, Sept. 1, edition that National Bank Financial analyst Adam Shine has reaffirmed his "sector perform" recommendation for Cogeco Communications. The Globe's David Leeder writes that Mr. Shine lowered his share target to $69 from $70. Analysts on average target the shares at $73.22. Mr. Shine cut his fourth quarter forecast for Cogeco Communications, anticipating "muted" growth in Canada and a slight margin decline at Breezeline in the United States. He's now projecting revenues of $694-million, down 2 per cent year-over-year and below his previous estimate of $695-million. His new adjusted earnings per share expectation of $2.18, down four cents, is a gain of 4.4 per cent from the same period in fiscal 2025. The Street is projection $692-million and $2.23. With Cogeco entering the final year of its three-year transformation program, Mr. Shine emphasizes the U.S. competitive landscape has "proven more challenging" despite "much effort." He's forecasting fiscal 2027 revenue and adjusted EBITDA of $2.71-billion and $1.353-billion, below the Street's estimates of $2.73-billion and $1.372-billion and representing year-over-year declines of 2.9 per cent and 2.6 per cent.