The Globe and Mail reports in its Thursday, Nov. 23, edition that Desjardins Securities analyst Chris Li has upgraded his recommendation for George Weston to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Li gave his share target a $10 boost to $187. Analysts on average target the shares at $192. The Globe says Mr. Li cites his projected return of 20 per cent and an expectation its operating segment Loblaw should "generate solid earnings growth next year despite slowing inflation," for issuing his rating upgrade. Mr. Li says in a note: "George Weston's holdco discount has been volatile, ranging from high-single-digit percentage to mid- to high teens this year. We continue to believe 8 to 10 per cent is an appropriate discount given Weston's simple corporate structure with two high-quality assets (L and CHP.UN)." Mr. Li says Weston's third quarter results, released on Tuesday before the bell, largely fell in line with his expectations and he continues to see its financial position as "strong." He adds, "Since Weston has no plans for acquisitions in the foreseeable future, management continues to view capital return as a key tool to enhance shareholder value."