The Globe and Mail reports in its Friday, Jan. 23, edition that BMO analyst Tom MacKinnon has lowered his recommendation for Fairfax Financial Holdings to "neutral" from "outperform." The Globe's David Leeder writes that Mr. MacKinnon slashed his share target by $100 to $2,500. Analysts on average target the shares at $2,910.47. Mr. MacKinnon says in a note: "Our January, 2023, upgrade thesis was accelerating operating income growth, subsequently highlighted by Fairfax's increasing 'operating income outlook' from inaugural $3-billion (U.S.)-plus (March, 2023), to $4-billion (U.S.)-plus (March, 2024) to $5-billion (U.S.)-plus (March, 2025). But with softening global insurance/reinsurance markets, declining underwriting income, moderating investment income growth/muted investment gains outlook, we see limited growth/multiple expansion, with 2-per-cent 2025 2027 estimated combined underwriting/interest and dividend income CAGR [compound annual growth rate] (versus 22 per cent for 2022 2025E) unless the P&C cycle turns and/or bond yields/credit spreads significantly widen." The Globe reported on April 20, 2023, and Jan. 26, 2024, that Mr. MacKinnon rated Fairfax "outperform." It was then worth $911.59 and $1,365.87.