The Globe and Mail reports in its Thursday, Oct. 19, edition that TD Securities analyst Graham Ryding trimmed his financial projections for Canadian diversified financial firms on Wednesday ahead of third quarter earnings season. The Globe's David Leeder writes that Mr. Ryding sees "weak" fund flows ahead and a "soft" performance until lower market volatility and interest rates emerge. Accordingly, Mr. Ryding shaved his share target for Fiera Capital by $1.50 to $6. Analysts on average target the shares at $7.54. Mr. Ryding rates the shares "hold." Analysts on average target Fiera shares at $9.13. Mr. Ryding says in a note: "TD Economics is projecting short-term interest rates to start moving lower in Q2/24, suggesting investors may continue to deploy capital into low-risk income generating money market funds through, at least, H1/24. ... Once we see a combination of interest rates moving lower and low market volatility, we could begin to see investors start to deploy capital back into long-term funds (bonds and equities). Our math suggests that there could be $27-billion to $36-billion of money market AUM that may flow back into long-term funds in H2/2024 and 2025 as interest rates potentially normalize."