The Globe and Mail reports in its Friday, Aug. 4, edition that National Bank Financial analyst John Shao now ranks Copperleaf Technologies "sector perform," down from "outperform." The Globe's David Leeder writes that Mr. Shao snipped a loonie from his share target, taking it down to $7. Analysts on average target the shares at $7.21. Mr. Shao says "patience is needed" for Copperleaf Technologies. He says its second quarter results were weaker-than-anticipated. He says the results displayed "multiple headwinds such as client capacity issues, macro uncertainties and a constrained demand environment." Mr. Shao says in a note: "According to the earnings call, it seemed those headwinds would likely continue throughout the rest of the year. In light of those considerations, we're revising our financial forecasts. ... [Our] rating change was mainly based on our updated view that those macro headwinds will likely push the growth inflection point into next year. As such, its financial performance in future quarters will likely follow our revised growth trajectory with limited upside in the near term. To be clear, we still like Copperleaf for its strong product offerings in a niche market with virtually no competitors."