The Globe and Mail reports in its Friday, May 8, edition that Raymond James analyst Stephen Boland has downgraded Element Fleet Management to "outperform" from "strong buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Boland gave his share target a 50-cent trim to $42, matching the consensus. While Element Fleet Management's first quarter results exceeded Mr. Boland's expectations, he is "concerned regarding corporate spending and fleet investment decisions due to economic conditions, with limited near-term visibility on a rebound." After the bell on Wednesday, the Toronto-based company reported earnings per share for the quarter of 35 cents, a penny above the estimates of Mr. Boland and the Street. Net revenue increased 17 per cent year-over-year to $324-million, "driven by strength across net financing revenue and syndication." Mr. Boland says in a note: "Management maintained full-year guidance. Notably, this implies a step-up in originations through the balance of the year, as the 1Q26 run-rate ($1.45-billion) is below the $6.5-billion–$6.9-billion full-year target. Q2 and Q3 tend to be the quarters with the highest origination volumes."