The Globe and Mail reports in its Friday edition that CIBC World Markets analyst Paul Holden has lowered his recommendation for Great-West Lifeco to "neutral" from "outperformer." The Globe's Darcy Keith writes that Mr. Holden issued his rating downgraded citing limited upside potential what with Great-West shares having rallied for most of the year. Mr. Holden is sticking with his $41 share target. The CIBC stockpicker says in a note: "Great-West Lifeco is up 28-per-cent year-to-date vs. an average of 11 per cent for peers and the stock is approaching our $41 price target. The stock is trading at 10 times P/E (2024E) vs. a five-year average of 9.8 times. No change to our earnings outlook, but we think earnings upside is now priced in." The Globe reported on Feb. 3 that Credit Suisse analyst Joo Ho Kim had reaffirmed his "neutral" call on Great-West, which was then worth $35.39. The Globe reported on Feb. 13 that Mr. Holden had upgraded Great-West to "outperformer" from "neutral." The shares could then be had for $35.97. The Globe reported on June 1 that National Bank Financial analyst Gabriel Dechaine had reaffirmed his "sector perform" recommendation for Great-West. The shares were then worth $38.51.