The Globe and Mail reports in its Friday, Jan. 19, edition that National Bank analyst Zachary Evershed has lowered his recommendation for Richelieu Hardware to "sector perform" from "outperform." The Globe's Darcy Keith writes that Mr. Evershed was prompted to issue his downgrade following Richelieu's disappointing fourth quarter results, which were below both National Bank's and the Street's expectations. Mr. Evershed cut his share target to $45.50 from $47.60. Earnings per share came in at 51 cents, just shy of both National Bank's 54-cent estimate and consensus of 53 cents. Mr. Evershed says in a note: "Pressure on gross margins was felt again this quarter, though the drag from higher-cost product should subside in coming quarters as the company finishes working through excess pandemic-related inventory. Further down the profit and loss statement, management revised EBITDA margin guidance downward again to 12 to 13 per cent for fiscal year 2024, on the assumption of flat-to slightly negative volumes weighing on operating leverage in the first half of the year, with a bounce back in the second half of the year." The Globe reported on Oct. 6 that Mr. Evershed rated Richelieu "outperform." It was then worth $40.87.