The Globe and Mail reports in its Wednesday edition that Scotia Capital analyst Phil Hardie continues to rate Guardian Capital Group "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hardie gave his share target a $2 trim to $56. Mr. Hardie says in a note: "Second quarter operating earnings fell short of expectations; however, we believe the results demonstrate management's commitment to invest and deploy excess capital to accelerate its growth strategy and create shareholder value. Guardian deployed capital through 1) buying back shares, 2) increasing its ownership stake in an existing U.S. subsidiary, and 3) 'seeding' newer investment strategies to help accelerate organic growth opportunities. The amount of capital deployed was relatively measured but likely indicative of management's intention to balance priorities to invest in organic and inorganic growth opportunities to expand the business and return excess capital to shareholders. Significant embedded optionality makes Guardian Capital an attractive core holding for value-oriented investors, in our view. Guardian's sizable corporate investment portfolio provides a high degree of optionality for value creation."