The Globe and Mail reports in its Wednesday, April 16, edition that TD Cowen analyst Craig Hutchison cut his base metals commodity deck and trimmed his target price multiples for stocks in his coverage on Tuesday to reflect expectations of weaker global growth amid fluctuating tariffs. The Globe's David Leeder writes that Mr. Hutchison says in a note: "The on again, off again nature of the tariffs are likely to lead to lower global growth, which in turn should weigh on base-metal prices and multiples for the group. ... Reciprocal tariffs between the U.S. and China currently stand at 125 per cent, jeopardizing trade among the two largest economies and over 60 per cent of global refined copper demand. TD [analysts] noted that [they] expected the previous 76-per-cent tariff on China to impact GDP by 2.5 per cent. If the hit to copper demand falls in line with GDP, copper markets could shift from deficit to surplus. We have lowered our base-metal prices for 2025 closer to spot and trimmed our 2026 estimates. We have also raised our near-term and long-term gold price forecasts." Mr. Hutchison has reaffirmed his "buy" call for Cameco. He gave his share target a $13 trim to $77. Analysts on average target the shares at $80.01.