The Globe and Mail reports in its Wednesday, Aug. 2, edition that CIBC World Markets analyst Jamie Kubik is sticking with his "neutral" recommendation for Freehold Royalties. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kubik trimmed his share target to $16.75 from $17. Analysts on average target the shares at $19.08. Mr. Kubik says in a note: "Following a deeper review of Freehold's Q2 disclosures and the company's conference call [Monday], we have fine-tuned our cash flow model, which drives a slight decrease to our forward estimates for the business. We did not see anything thesis-changing in the company's update today. We are intrigued, however, on the potential for organic growth in Freehold's U.S. segment in H2/23. In particular, management expects three new well pads with 41 wells (0.6 net wells) and gross production of 50 MBoe/d to come on-line in the second half of the year. We believe organic production growth on its U.S. assets is necessary in order for the stock to regain its price momentum and potentially re-rate to higher levels. We believe that some of the optimism for production growth is offset by lower net wells drilled in the U.S. segment during Q2/23."