The Globe and Mail reports in its Friday edition that CIBC analyst Hamir Patel has reaffirmed his "neutral" recommendation for Richelieu Hardware. The Globe's David Leeder writes that Mr. Patel cut his share target for Richelieu Hardware to $45 from $46, citing reduced near-term free cash flow expectations. Analysts on average target the shares at $45.75. Mr. Patel says in a note, "Although the ongoing sale of inventories purchased at higher than current costs and start-up costs associated with the modernized centres are likely to weigh on margins into H2, we believe Richelieu Hardware is well positioned to execute on an attractive M&A pipeline and deliver continued market share gains (supported by recently completed site modernization investments)." The Globe reported on June 6, 2023, that Mr. Patel had lowered his recommendation for Richelieu Hardware to "neutral" from "outperformer." The shares could then be had for $41.98. The Globe reported on Oct. 6, 2023, and Jan. 19, 2024, that National Bank rated Richelieu "outperform" and "sector perform." It was then worth $40.87 and $42.72. The Globe reported on Jan. 23, 2024, that Mr. Patel continued to rate the Richelieu "neutral." It was then worth $43.58.