The Globe and Mail reports in its Wednesday edition that Scotia Capital analyst Phil Hardie has reaffirmed his "sector outperform" recommendation for Trisura Group. The Globe's David Leeder writes that Mr. Hardie gave his share target a $7 trim to $52. Analysts on average target the shares at $51.25. Mr. Hardie says in a note: "We think the stock s significant rally following what we view as a mixed quarter provides solid evidence that the stock is washed out and oversold. We have derisked our outlook and taken a more conservative view on valuation by slashing our target by 12 per cent but still see solid upside potential and would recommend investors buy into recent weakness. Despite a significant upside surprise on operating EPS, we view the quarter as a mixed result given a sizable reserve taken for the U.S. platform that is treated as non-operating earnings and weaker operating earnings from that platform. The reserve intended to ringfence a group of U.S. programs that Trisura had previously non-renewed and also to align its U.S. reserving practices with those of its Canadian platform. Although taking a large reserve has been a near-term negative, we expect it to lead to much cleaner results going forward."