The Globe and Mail reports in its Thursday edition that Scotia Capital's Phil Hardie rates Fairfax Financial Holdings "sector outperform" with a $1,900 share target, rising from $1,650 and above the $1,690.54 average on the Street. The Globe's David Leeder writes that Mr. Hardie also likes Trisura Group. He says Fairfax and Trisura are his top picks for the year ahead. Mr. Hardie also raised his Trisura share target to $54, above the $51.43 average, from $50 with a "sector outperform" rating. Mr. Hardie says in a note: "Fairfax has demonstrated resilience through the business cycle and turbulent financial markets, but we view it as a less defensive play than more traditional publicly listed insurers. At this stage of the market cycle, this likely provides an attractive balance: downside protection thanks to the relative resilience of insurance operations through a potential recession, and upside potential when markets recover. There have been significant changes at Fairfax that we believe investors have yet to fully recognize. Trisura is our top small-cap idea and we believe the stock offers investors an attractive risk-reward profile. The stock has a strong record of delivering outsized shareholder returns."