The Globe and Mail reports in its Friday, March 22, edition that RBC Capital analyst Geoffrey Kwan has reaffirmed his "sector perform" recommendation for ECN Capital. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwan cut his share target to $2.25 from $3. Analysts on average target the shares at $2.80. Mr. Kwan says in a note: "We have a negative view on Q4/23 results, which were well below our forecast. While ECN is optimistic regarding a rebound in growth in 2024, its 2024 EPS guidance was cut by almost 50 per cent despite being reaffirmed last quarter. There were several other developments from Q4/23 results (e.g., continued significant negative fair value hits to revenue from prior risk management issues; CFO departure; Boat/RV sale or spin-off no longer happening, delayed and potentially slower rollout of SKY JV). We previously expected the boat/RV business to be sold or spun-off (per ECN's intention) and that might precipitate SKY or another party acquiring ECN in the near term, but with the boat/RV business no longer being sold/spun-off, although this may still happen, it looks unlikely for now. In the long term, we think ECN's shares could experience significant valuation upside."