The Globe and Mail reports in its Friday, May 12, edition that Scotia Capital analyst Phil Hardie is sticking with his "sector perform" call on Fiera Capital. The Globe's David Leeder writes that Mr. Hardie chopped his share target back by a loonie to $9. Analysts on average target the shares at $8.38. Mr. Hardie says in a note: "Q1/23 earnings were a touch below Street expectations, but the bigger investor focus and driver for the stock were likely the higher-than-expected outflows. The combination of a challenging operating environment and a string of outflows has remained an overhang for Fiera's stock for some time. Unfortunately, these results are not likely to break that trend. Underlying investment performance across Fiera's strategies remains solid, and this quarter's large outflow was mainly driven by a single mandate in its financial intermediary channel. Likely striking a bit of nerve with shareholders was that the outflows stemmed from StonePine, the firm recently formed by one of Fiera's former start portfolio managers, which sub-advises $50-billion in AUM for Fiera. On a more constructive note, management noted that it generated positive flows excluding the large StonePine redemption."