The Globe and Mail reports in its Thursday, May 11, edition that National Bank Financial analyst Adam Shine has lowered his recommendation for TVA Group to "underperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Shine slashed his share target back by $1.30 to 70 cents. The Globe notes that Mr. Shine is currently the lone analyst covering TVA. He sees TVA "under greater pressure than expected" after a first quarter earnings before interest, taxes, depreciation and amortization miss, leading him to move his forecast "materially lower." After the bell on Monday, TVA reported revenue of $136.1-million, down 5.8 per cent year-over-year but narrowly ahead of the analyst's $134-million estimate "as upside in magazines but especially broadcasting trumped weaker revenues at film production and audiovisual services and production and distribution." However, an EBITDA loss of $24-million, down 18.6 per cent year-over-year, was well below the Mr. Shine's projection of an $18.6-million loss. The Globe's guest columnist Phil Dabo said in the Number Cruncher column on May 11, 2021, that there was value to be had in TVA shares, which could then be had for $3.04.