The Globe and Mail reports in its Wednesday, March 6, edition that ATB Capital Markets analyst Martin Toner has lowered his recommendation for Thinkific Labs to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Toner, however, elevated his share target to $4.50 from $4. Analysts on average target the shares at $4.78. Mr. Toner says in a note: "We believe the current share price reflects Thinkific's lack of liquidity, a deterioration in growth and a general lack of demand for less profitable growth assets. We believe there is a countercyclical element to the business, since during periods where the employment outlook is poor, people will seek out self-employment and use Thinkific's platform, which we incorporate into our discount rate. The market for creator platforms is crowded and nascent. There are a number of credible competitors as well as capital entering the market. For these two reasons, Thinkific has one of the highest weighted average costs of capital (WACC) in our coverage universe." The Globe reported on Aug. 3 that Mr. Toner was sticking with his "outperform" recommendation for Thinkific Labs. The shares could then be had for $1.96.