The Globe and Mail reports in its Friday edition that CIBC Capital Markets analyst Anita Soni has lowered her recommendation for Endeavour Mining to "neutral" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Ms. Soni gave her share target a $4 trim to $37. Analysts on average target the shares at $41.20. Ms. Soni says in a note: "We have further fine-tuned our estimates for Endeavour Mining after previously incorporating 2024 preliminary financial and operating results and 2025 guidance released on Jan. 30. We saw the results as mixed, with Q4/24 beating and 2024 missing overall. The company's 2025 outlook was slightly weaker on production but better on costs, and capital returns in 2024 were strong with potential for returns in 2025 to be further improved. We have now fine-tuned our modelled tax rates, royalties, and gold price accruals on withholding taxes in our model. After incorporating the adjustments that drove increased tax expense, our NAV 5 per cent decreases from $24.99/sh to $21.61/sh. Our CFPS estimate decreases from $6.66 (on an annualized basis from Q4/24E–2025E) to $6.21 (on a 2025E basis). Our NAV and CFPS multiples are unchanged at 0.8 times and five times."