The Globe and Mail reports in its Thursday, May 22, edition that RBC Dominion Securities analyst James McGarragle has lowered his recommendation for Nanoxplore to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. McGarragle gave his share target a 50-cent trim to $2.50. Analysts on average target the shares at $3.79. Mr. McGarragle says in a note: "Nanoxplore reported an in line FQ3 ex. R&D credits and again lowered revenue guidance reflecting weaker volumes from transportation customers. While we continue to see Nanoxplore as having leverage to very positive long-term demand trends in graphene, we believe near-term transportation headwinds increase risk associated with execution, especially because our forecasts call for a meaningful ramp in revenue longer-term. ... We remain encouraged by the advancements in new product commercialization and the North Carolina expansion, recognizing the opportunity for meaningful operating leverage as volumes recover and higher-margin graphene sales gain traction by 2026. That said, we see near-term challenges such as a softer transportation market, delays in projects and customer timelines, and hesitancy around EV investments as near term headwinds."