The Globe and Mail reports in its Saturday, Nov. 15, edition that TD Cowen analyst Graham Ryding lowered his rating for Power Corp. of Canada to "hold" from "buy" to "reflect recent valuation expansion." The Globe's David Leeder writes in the Eye On Equities column that Mr. Ryding gave his share target a $4 raise to $73. Analysts on average target the shares at $70. Mr. Ryding says in a note: "We view Power Corp's fundamentals as solid, with the core operating companies of [Great-West Lifeco] and [IGM Financial] performing well (both are 'buy'-rated). Share buybacks remain healthy and we model this to persist (contributing 1 to 2 per cent to 2026/2027 EPS growth). The alternatives platform continues to scale. However, valuation has moved higher reflecting these positive themes, in our view." Mr. Ryding says he remains "constructive" on both Great-West and IGM and sees momentum remaining "intact" for their alternatives assets under management platform. He says, "Buybacks are expected to remain a focus outside of inorganic opportunities at Great-West (Empower), or investments within Power Corp. (such as Sagard-related acquisitions and Wealthsimple financing rounds)."