The Globe and Mail reports in its Friday, Aug. 4, edition that Scotia Capital analyst Phil Hardie has reaffirmed his "sector perform" recommendation for IGM Financial. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hardie's share target edged back by $2 to $45. Analysts on average target the shares at $45.88. Mr. Hardie says in a note: "While core earnings were in line with expectations, and likely demonstrated the relative resilience of IGM's business model, investors reacted negatively to a downward revision to the estimated indicative value of its strategic investment in ChinaAMC. The downward adjustment reflected a reduced earnings outlook given a regulatory change impacting fees for actively managed mutual funds in China, and the impact of foreign exchange. IGM has fared relatively well given a very challenging operating environment that continues to see elevated outflows. Management expects industry flows to be soft over the remainder of the year, and believes the higher interest rates are creating a headwind. The team sees three pre-conditions to a better environment: 1) peak inflation, 2) peak policy rates, and 3) reduced bond market volatility."