The Globe and Mail reports in its Friday, April 12, edition that Raymond James analyst Steve Hansen has lowered his rating call on Toromont Industries to "market perform" from "outperform." The Globe's David Leeder writes that Mr. Hansen continues to target the shares at $135. Analysts on average target the shares at $136.11. Mr. Hansen says in a note: "Toromont Industries shares have enjoyed an outsized move over the past three months (up 16.8 per cent), handily outperforming the Canadian market (S&P TSX Comp.: up 5.8 per cent), and leaving the stock just shy of our $135 target. Toromont's forward P/E multiple has also expanded, now perched at 20.2 times FY25 Street estimates, and a near-record premium to its closest peer Finning. Coupled with incremental concern over eastern Canada's economic outlook, we believe the near-term risk-reward proposition has weakened, hence our decision to step to the sideline. While we continue to admire the firm's fortress balance sheet, intense operating discipline, and long-term growth prospects, we believe the near-term risk-reward has diminished following the stocks healthy surge (T3M [trailing three months]: up 16.8 per cent) and corresponding multiple expansion."