The Globe and Mail reports in its Thursday edition that Desjardins analyst Chris Li has reiterated his "hold" recommendation for Neighbourly Pharmacy. The Globe's David Leeder writes that Mr. Li cut his share target to $20 from $21. Analysts on average target the shares at $26.33. Mr. Li recommends waiting to buy Neighbourly. He wants "better visibility on some of the catalysts" before becoming bullish on its shares. On Tuesday Neighbourly released better-than-anticipated results, driven by overall same-store sales growth of 4.1 per cent that topped Mr. Li's 2.8-per-cent estimate. Mr. Li says in a note: "Neighbourly's results reflect a solid sequential improvement in pharmacy SSSG (to 5.1 per cent from 0.2 per cent) driven by script count nearing prepandemic levels and early benefits from the expanded scope of practice in BC and Ontario. While pharmacist relief costs will continue to weigh on near-term margins, they should ease starting in 2H. The M&A pipeline remains solid with a greater focus on sites with higher EBITDA contributions and staffing availability, while testing lower multiples. Operational improvement and organic growth initiatives are on track and should start contributing to margins in 2H."