The Globe and Mail reports in its Wednesday, May 4, edition that Scotia Capital analyst Phil Hardie continues to rank Guardian Capital Group "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hardie cut his share target back by $2 to $50, matching the consensus. Mr. Hardie says in a note: "We believe Guardian Capital's current valuation discount is too steep to ignore, and that the stock can outperform its peers in both bull and bear scenarios given its limited sensitivity to AUM outlook. Guardian Capital remains our top small-cap value play, and our scenario analysis further supports our conviction that the current valuation discount is too steep to ignore, with a potential of 68-per-cent return on a bull case and a limited 24-per-cent downside risk in the direst scenario." The Globe reported on Aug. 14 that CIBC World Markets analyst Nik Priebe had an unchanged "outperformer" call on Guardian Capital when it could be had for $42.50. The Globe reported on Nov. 17 and Jan. 26 that Mr. Hardie had reaffirmed Guardian Capital at "sector outperform." In the first item, Mr. Hardie called Guardian "a top value play." The shares could then be had for $35.45 and $37.