The Globe and Mail reports in its Wednesday, July 26, edition that CIBC World Markets analyst Nik Priebe has reaffirmed his "neutral" recommendation for ECN Capital. The Globe's David Leeder writes that Mr. Priebe chopped his share target back 50 cents to $3. Analysts on average target the shares at $3.83. Mr. Priebe says in a note: "ECN shares have underperformed sharply over the past year. The sale of Kessler Group in August, 2022, was a negative catalyst and earnings expectations have compressed dramatically. In March, the company initiated a formal review of strategic alternatives, which is expected to reach a conclusion 'before Q2 results in August.' In our view, the range of potential outcomes could include, but is not limited to: 1) an outright sale of the business; 2) the sale of a single operating subsidiary; 3) a counterparty making an equity investment and committing to become a large, multiyear, cornerstone funding partner; and 4) doing nothing at all. ... [We] are a bit cautious as we approach the conclusion of the review which has potential for an uncertain market reaction. However, any volatility (if it occurs) could create a good opportunity for investors to refresh themselves on the ECN story."