The Globe and Mail reports in its Friday edition that TD Securities analyst Greg Barnes has lowered his recommendation for Sherritt International to "hold" from "speculative buy." The Globe's David Leeder writes that Mr. Barnes slashed his share target by 30 cents to 55 cents. Analysts on average target the shares at 80 cents. Mr. Barnes says in a note: "Nickel sales volumes for Q3/23 were lower than finished production primarily due to lower demand for nickel from steel mills after summer shutdowns. Higher mixed hydroxide product (MHP) and nickel matte intermediate availability also led to lower metal purchasing in Asia, with delivery of new China cathodes to the LME highlighting the lower nickel metal demand in the region. The LME nickel price has declined to the low-$8 (U.S.)/lb level, from over $9 (U.S.)/lb in early September. Nickel inventories on both the LME and Shanghai exchanges are climbing. Wood Mackenzie is forecasting that surpluses will build across all categories of nickel supply over the next several years, including nickel pig iron (NPI), nickel sulphate and Class 1 refined nickel." The Globe reported on Oct. 18 that National Bank rated Sherritt "sector perform." It was then worth 42.5 cents.