The Globe and Mail reports in its Friday edition that National Bank analyst Richard Tse has lowered his recommendation for Lightspeed Commerce to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Tse gave his share target a $5 trim to $20 (all figures U.S.). Analysts on average target the shares at $19.69. Mr. Tse says in a note: "Lightspeed reported FQ3 results that were essentially in line with consensus but short of our expectations. In our opinion, the results show Lightspeed executing on its payments focus this fiscal year. The issue, and why the stock is down [on Thursday] is with respect to broad incremental comments around the F25 outlook which to us, sounded cautious. Management pointed to (new, and in our view, unexpected) investment into sales and marketing to accelerate merchant (location) additions. Because of that investment, we think margins will compress in H1/F25 while adding uncertainty for its eventual conversion into location growth. Overall, we think that's creating an overhang. Additionally, the increasing likelihood of new acquisitions also increases the risk profile." The Globe reported on Jan. 26 that Mr. Tse rated Lightspeed "outperform." It was then worth $18.80.