The Globe and Mail reports in its Tuesday, June 6, edition that BMO Nesbitt Burns analyst Etienne Ricard has boosted his recommendation for Fiera Capital to "outperform" from "market perform." The Globe's David Leeder writes that Mr. Ricard, in a research note, listed five sources of earnings upside potential for which minimal credit is granted at current valuations. They are: "First, improving investor sentiment for public market strategies considering stabilizing bond yields/equity markets year-to-date. Second, potential for improving flows from the regionalization of Fiera's distribution resources (95 per cent-plus of equity/fixed income AUM outperforms benchmarks over five years). Third, AUM growth capacity at StonePine ($51-billion in AUM vs. $66-billion as of Q4/21). Fourth, fee rate upside given Fiera believes it has 'differentiated strategies [with] pricing power.' Lastly, continued cost optimization as [Fiera] looks to drive efficiency." Believing its "price is fundamentally disconnected from value with industry comparables that support a $9 to $15 per share value, a material disconnect to market," Mr. Ricard maintained a target of $8.50. Analysts on average target the shares at $7.97.