The Globe and Mail reports in its Friday, Oct. 27, edition that BMO Capital analyst Etienne Ricard has reaffirmed his "outperform" recommendation for Fiera Capital. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ricard gave his share target a 50-cent trim to $7.50. Analysts on average target the shares at $6.93. Mr. Ricard says in a note: "Fiera Capital's stock price grants zero value to assets under management (AUM) sub-advised by PineStone. We frame the value of Fiera's in-house strategies in the $4 to $4.50 range with an additional $3 to $3.50 derived from PineStone. The risk of AUM leakage at PineStone has been the key pushback raised in our investor discussions. With the stock now fully writing off PineStone sub-advised AUM, we struggle to see material downside at current levels. We reiterate our 'outperform' on an attractive risk-reward." The Globe reported on Feb. 17 that Mr. Ricard had commenced coverage on Fiera with a "market perform" call. It was then worth $9.31. The Globe reported on June 6 that Mr. Ricard had upgraded Fiera to "outperform." The shares were then going for $6.81. The Globe reported on Oct. 19 that TD's Graham Ryding rated Fiera "hold." It was then worth $5.80.