The Globe and Mail reports in its Friday edition that Stifel analyst Martin Landry has lowered Dollarama to "hold" from "buy." The Globe's David Leeder writes that Mr. Landry gave his share target a $4 trim to $100. Analysts on average target the shares at $104.17. While Dollarama exceeded Mr. Landry's expectations with its third quarter results, he says recent share price appreciation has pushed him to "the sidelines." Mr. Landry says in a note: "Dollarama has had an exceptional performance in the last three years, growing EPS by 21 per cent in FY22, 26 per cent in FY23 and 25 per cent in FY24E (calendar 2023), according to our forecasts. ... We expect earnings growth and same-store-sales growth will decelerate from current levels as the company faces difficult comparable periods. Hence, with valuation above historical levels and expected earnings growth rates below historical levels, we believe that Dollarama's shares are fully valued. While it may seem counterintuitive to downgrade a defensive retailer in this environment, we believe that in 2024 investors may reposition their portfolio by adding cyclical companies in anticipation of a return to economic growth, and Dollarama could be a source of funds."