The Globe and Mail reports in its Wednesday, July 26, edition that CIBC World Markets analyst Nik Priebe has reaffirmed his "neutral" recommendation for Fiera Capital. The Globe's David Leeder writes in the Eye On Equities column that Mr. Priebe chopped his share target back 25 cents to $7. Analysts on average target the shares at $7.94. Mr. Priebe says in a note: "On a year-to-date basis, Fiera Capital's share price has declined 22 per cent, more than any other name we follow in the Canadian financials space. We believe this has been largely driven by a few disappointing quarters (for various reasons) and a persistent pattern of net redemptions. The stock now offers a 13-per-cent dividend yield, but LTM free cash flow of $68 million (as of Q1/23) is lower than the annualized dividend obligation of $88-million. In order to see a recovery in the stock, we think it would require a combination of: 1) improving free cash flow, which was impacted in the LTM period by some one-time, non-recurring items; 2) a sustained recovery or stabilization of net flows; and 3) continued momentum in equity markets which would positively impact the beta-sensitive component of earnings and drive down the payout ratio."