The Globe and Mail reports in its Friday, Aug. 1, edition that Stifel analyst Martin Landry has lowered his recommendation for Spin Master to "hold" from a "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Landry knocked his share target back to $25 from $33. Analysts on average target the shares at $29.75. Mr. Landry expects third quarter results to be "challenged" after management's guidance pointed to a "significant" decline in sales year-over-year. He also thinks the broader toy industry will continue to face "challenges" from tariffs, noting Spin Master is "in the middle of a significant supply chain transformation which increases execution risk." Mr. Landry says in a note: "While Spin Master's shares are near a 52-week low, we see limited catalysts to move them higher near-term. We believe investors may wait for signs of earnings bottoming before jumping on board. Spin Master's shares have been declining since 2022, significantly under-performing the S&P TSX Index. More recently, Spin Master's shares have been excluded from the S&P TSX Composite Index, the main benchmark for portfolio managers in Canada as they did not meet the float size criteria."