The Globe and Mail reports in its Wednesday edition that National Bank Financial's Jaeme Gloyn has lowered his recommendation for ECN Capital to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gloyn trimmed his share target by 75 cents to $2.75. Analysts on average target the shares at $2.87. Mr. Gloyn says he has been looking for "signs of execution toward strong 2024 guidance and a favourable resolution of the ongoing RV and marine [RVM] strategic review." Mr. Gloyn says, "Sadly, the quarter delivered neither." On Monday, ECN reported "weak adjusted revenues of $50-million, missing the $57-million estimate of both Mr. Gloyn and the Street. That led to earnings before interest, taxes, depreciation and amortization of $24-million that also fell below projections ($31-million). Mr. Gloyn says in a note: "First, Q3 results were uninspiring as originations, revenues, and EPS all missed. In addition, fair value marks on a portfolio of manufactured home loans re-occurred in Q3, contrary to management's previous guidance. This hints at the potential for future negative marks and/or increasing risk to achieving the 2024 EPS guidance of 19 cents to 25 cents."