The Globe and Mail reports in its Tuesday, Oct. 31, edition that TD Securities analyst Vince Valentini has downgraded Corus Entertainment to "speculative buy" from "buy." The Globe's David Leeder writes that Mr. Valentini gave his share target a 50-cent trim to $4.50. Analysts on average target the shares at $2.21. Mr. Valentini's target and rating change came after Corus's Class B shares tumbled 23 cents to 68 cents on Friday. The shares turned down after the company posted quarterly results and announced the elimination of its dividend. Mr. Valentini says in a note: "Our target multiples remain unchanged, but our lower estimates have pushed the target price down to $4.50. The share price bears no relationship to the underlying private market value of the assets, in our view, and it also factors in virtually zero probability of a cyclical recovery in advertising revenue. With the bonds yielding over 16 per cent, and with the market cap now below $150-million, the stock no longer has much of an audience with investors. This has created a highly uncertain and volatile situation; so we are increasing our risk rating to 'speculative' from 'high.' ... We do not believe that the company is going bankrupt."