The Globe and Mail reports in its Friday, July 14, edition that RBC Capital Markets analyst Irene Nattel has reaffirmed her "outperform" recommendation for Neighbourly Pharmacy. The Globe's Darcy Keith writes that Ms. Nattel cut her share target by $6 to $28. Analysts on average target the shares at $26.78. The Globe says Ms. Nattel has adjusted her assumptions on how quickly the company can grow in the higher interest rate environment. Ms. Nattel says in a note: "With Neighbourly credit facilities fully exposed to variable rates, we are moderating our network growth outlook to sustain leverage close to current levels. Nonetheless, revised forecast plus-33 stores each year could prove conservative relative to stated range 35 to 40 if the backdrop improves. Combination of lower financial forecasts and target multiple 14 times to reflect higher interest rates and slower pace of M&A results in the lower price target." Neighbourly operates a network of community pharmacies and the company's growth comes mostly from making additional acquisitions. The Globe reported on June 13 that Desjardins Securities analyst Chris Li was sticking with his "hold" call on Neighbourly, which could then be had for $18.50.