The Globe and Mail reports in its Friday, Oct. 24, edition that TD Cowen analyst Tim James has upgraded FirstService to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. James cut his share target back to $213 from $214 (all figures U.S.). Analysts on average target the shares at $203.33. Mr. James says in a note: "We believe the weak share-price response to Q3/25 results will eventually give way to a renewed focus on the business's unchanged long-term earnings and M&A potential. The market has been spoiled by the relative stability and predictability of FirstService's historical results. We believe investors should appreciate strong b/s, economic resiliency, acquisition-minded management and FCF. We view the small 2025 guidance reduction as immaterial to long-term thesis. Guidance change due to external factors as opposed to execution. Business represents relatively defensive and resilient investment that has not participated in recent equity market strength/valuation expansion." Mr. James believes FirstService's current valuation no longer reflects his "positive view of the business, growth opportunities and risk profile."