The Globe and Mail reports in its Wednesday, May 18, edition that Scotia Capital analyst Phil Hardie continues to rate Guardian Capital Group "sector outperform." The Globe's David Leeder writes that Mr. Hardie chopped $5 from his share target, taking it to $45. Analysts on average target the shares at $42. Mr. Hardie sees an "attractive entry point" for Guardian with its valuation discount now at its widest since March, 2020. Guardian's stock lost some ground after it posted weaker-than-anticipated first quarter results. Mr. Hardie says in a note: "Despite the earnings miss, we believe the current valuation discount is too steep to ignore and that Guardian's stock can outperform its peers in both bull and bear scenarios given its limited sensitivity to AUM outlook. We estimate that the market is ascribing just over a 2.2 times EBITDA multiple to Guardian's investment and wealth management platforms. We also estimate that the stock trades at an 48-per-cent discount to NAV, 1.7 standard deviations above its historical average. ... We believe the combination of Guardian's significant capital position through its corporate portfolio and discounted valuation result in a high level of embedded optionality."