The Globe and Mail reports in its Friday, May 12, edition that Raymond James analyst Stephen Boland has lowered his recommendation for Chesswood Group to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Boland slashed his share target by $5 to $11. Analysts on average target the shares at $12.13. Mr. Boland believes "the credit environment and possible slowing of the U.S. segment will cap the growth of the stock." Mr. Boland says in a note: "The company reported EPS of six cents vs consensus at 29 cents and RJL at 34 cents. The ROE was 1.7 per cent. Revenue was in-line with our estimate, but the lower earnings were due to higher provisioning and charge-offs. The U.S. portfolio is experiencing higher delinquencies, especially in the Transport segment. The U.S. segment is also experiencing lower loan applications as companies struggle with the higher interest rate environment. In their outlook, management indicated they are positioned to work through the challenging next year and be in a stronger position when economic conditions normalize. The portfolio has a higher prime segment than in the past and CHW has increased its asset management fee income."