The Globe and Mail reports in its Friday, Feb. 14, edition that Raymond James analyst Michael Glen has lowered his recommendation for Nanoxplore to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Glen trimmed his share target by a loonie to $3. Analysts on average target the shares at $4.44. Mr. Glen says in a note: "The primary reason for this downgrade pertains to demand uncertainty in the near-term and the follow-on impact we believe this could have on graphene adoption over the medium-term. We are already aware that such adoption requires a lengthy period of analysis and testing from potential customers, and we have some concerns that timelines could become even more stretched. At the same time, we have challenges with how to value or assess potential expenditures and expansion for battery materials, as this market is currently in a state of substantial change." The Globe reported on Dec. 5, 2023, that RBC Capital analyst James McGarragle rated Nanoxplore "outperform" in new coverage. The shares were then going for $2.05.