The Globe and Mail reports in its Friday edition that Scotia Capital analyst Himanshu Gupta, calls FirstService "a roll-up story with a wide moat." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta lowered the firm's recommendation to "sector perform" from "sector outperform" based on a deceleration in organic growth due to "tough" comps and its premium valuation. His share target rose to $170 target from $166 (all figures U.S.). Analysts on average target the shares at $177. Mr. Gupta says in a note: "We expect organic growth of 3 per cent in 2024, versus an average of 10 per cent over the last three years. However, we expect organic growth to re-accelerate in Q4/24 and beyond. We don't expect multiple expansion from here as FirstService is trading slightly above its historical average valuation multiple. ... FirstService is a unique roll-up story with a wide moat, leadership position in a highly-fragmented market, and significant cost of capital advantage over mom-and-pop operators. The company has a proven management team with skin in the game." The Globe reported on Dec. 21 that RBC analyst Tom Callaghan had reaffirmed his "outperform" call for FirstService. It was then worth $214.37.