The Globe and Mail reports in its Tuesday, Aug. 15, edition that Eight Capital analyst Adhir Kadve has downgraded his recommendation for East Side Games Group to "neutral" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kadve slashed his share target by a loonie to 75 cents. Analysts on average target East Side shares at $2.29. Mr. Kadve sees structural headwinds continuing to weigh on East Side Games' financial results. He would like to see "greater clarity on the company's ability to both grow and monetize its portfolio." Last week the software developer reported revenue of $21.3-million, down 28 per cent year-over-year and below both Mr. Kadve's $26-million estimate and the consensus projection of $26.4-million. Adjusted earnings before interest, taxes, depreciation and amortization of $2.5-million was also lower than the $2.6-million expectation of both the analyst and the Street as both daily and monthly active users declined. Mr. Kadve says in a note: "Revenues once again declined as the company continued to pullback on UA spending and significantly decreased its game production; to that end, the company did not launch any new titles in Q2/F23."