The Globe and Mail reports in its Wednesday, May 3, edition that TD Securities analyst Graham Ryding has reiterated his "hold" recommendation for First National Financial. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ryding raised his share target to $39 from $38. Analysts on average target the shares at $39.33. Mr. Ryding says in a note: "First National remains a solid income-generating investment, and we value the low-credit-risk 'originate-to-sell' model. Negative operating leverage was an overhang in 2022, but expense management was evident this quarter. The near-term outlook for originations and earnings appears muted, but is expected to improve." The Globe reported on July 21 that Scotia Capital analyst Phil Hardie had reaffirmed his "sector perform" recommendation when the shares were going for $37.33. The Globe reported on July 29 that Scotia Capital analyst Phil Hardie was maintaining his "sector perform" call on First National Financial when its shares could be had for $37.14.