The Globe and Mail reports in its Friday edition that Scotia Capital analyst Phil Hardie thinks the enhanced trading liquidity brought by TMX Group's recent stock split is "likely to help crystalize value." The Globe's David Leeder writes that Mr. Hardie has reaffirmed his "sector perform" recommendation for TMX Group. Mr. Hardie's share target fell to $32 from $161. Analysts on average target the shares at $30.94. Mr. Hardie says in a note: "We think TMX's recent five-for-one stock split is likely to enhance trading liquidity and, over time, ultimately help to surface greater shareholder value. The last split was over 18 years ago -- in April, 2005, TMX announced a two-for-one stock split effective May 17, 2005. Daily trading volumes have improved significantly from the lows during the Maple lock-up period (August, 2012, -- August, 2016,), with the stock price roughly tripling from the Maple deal price. That said, despite the company's transformation and roughly $8-billion market cap, we believe it remains on the peripheral for many investors. The stock has experienced some volatility but performed relatively well over the last year. ... TMX continues to demonstrate its ability to outperform other financials."