The Globe and Mail reports in its Friday edition that Canaccord's Robert Young has cut his recommendation for Pluribus Technologies to "hold" from "speculative buy." The Globe's David Leeder writes that Mr. Young slashed his share target by a loonie to $3. Analysts on average target the shares at $1.40. Mr. Young was prompted to issue his downgrade given continuing "macro weakness and low visibility into e-learning projects." Mr. Young says in a note: "Pluribus reported Q2 results with a modest miss relative to our estimates. Revenue growth was flat year-over-year but down low double-digits on an organic basis given weakness in e-learning driven by deferred workforce development projects into H2/23. Other areas of the business including healthtech and digital enablement remain steady with strong margins. However, Pluribus's balance sheet saw further weakness with cash of $3-million and $24-million in debt, with total debt to EBITDA leverage at the higher end of the covenant (four to 4.75 times EBITDA). ... Few levers of liquidity imply that balance sheet risk is incrementally higher, which leads us to downgrade Pluribus." The Globe reported on July 20, 2022, that Mr. Young rated Pluribus "buy." It was then worth $2.50.