The Globe and Mail reports in its Friday, Nov. 8, edition that TD Cowen analyst Tim James has downgraded Chorus Aviation to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. James's target remains $3.50, which is one cent below the consensus. Mr. James lowered his recommendation in response to recent share price gains. Mr. James says in a note: "Chorus reported higher-than-forecast adjusted EBITDA and basic adjusted EPS due to Voyageur outperformance (up 42 per cent year-over-year). Growth in Voyageur due to record part sales. We assume Voyageur will achieve its 2025 revenue target of $150-million (more than 20-per-cent year-over-year increase) driven by contract wins and expansion of existing contracts in the defence and surveillance verticals. The slight increase in our forecasts reflects the carry-forward of stronger-than-forecast Q3/24 results and other minor model and economic-related updates. Q3/24 adjusted EBITDA of $53.9-million (TD/consensus: $50.5-million/$50.4-million). Q3/24 basic adjusted EPS of six cents." The Globe reported on Aug. 20 that Canaccord Genuity analyst Matthew Lee was sticking with his "hold" recommendation for Chorus Aviation. It was then worth $2.54.