The Globe and Mail reports in its Friday edition that TD Securities analyst Graham Ryding has reaffirmed "hold" recommendation for TMX Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ryding elevated his share target to $32 from $31. Analysts on average target the shares at $32.75. Mr. Ryding says in a note: "Despite soft equity-related activity, TMX's diversified business model has defensive merits, in our view. We expect derivatives and Trayport to remain the key growth drivers over the medium term, while capital formation will likely remain cyclical. The balance sheet at 1.9 times debt/EBITDA remains well-positioned for deals, in our view." The Globe reported on April 12 that BMO Capital Markets analyst Etienne Ricard had reaffirmed his "market perform" recommendation for TMX Group. The shares were then going for $138.45. The Globe reported on May 4 that National Bank Financial analyst Jaeme Gloyn was keeping his recommendation for TMX Group unchanged at "sector perform." The shares could then be had for $138.82. The Globe reported on July 26 that RBC analyst Geoffrey Kwan had lowered his rating for TMX to "sector perform" from "outperform" when it could be had for $29.39.