The Globe and Mail reports in its Tuesday, Feb. 27, edition that TD Securities analyst Graham Ryding has lowered his recommendation for Onex to "hold" from "buy." The Globe's David Leeder writes that Mr. Ryding has an unchanged share target of $115. Analysts on average target the shares at $119.67. Mr. Ryding says in a note: "We would view this as an in-line quarter. The hard NAV/share beat was a positive, but fundraising updates and/or targets for 2024 were limited. The outlook for fundraising around the PE platform remains muted, which will likely keep profitability for the asset manager challenged. Credit continues to perform well from a fundraising and FRE perspective. Valuation, in our view, now appears more reasonable at 0.70 times P/NAV (slightly below the L5Y average of 0.76 times). We [downgraded Onex] given the limited share-price upside and what we view as a lack of near-term catalysts." The Globe reported on Sept. 29 that Scotia Capital analyst Phil Hardie had reaffirmed his "sector outperform" recommendation for Onex when it could be had for $79.83. The Globe reported on Nov. 14 that RBC Capital Markets analyst Geoffrey Kwan rated Onex "sector perform" when it could be had for $86.27.