The Globe and Mail reports in its Tuesday, July 26, edition that BMO Nesbitt Burns analyst Etienne Ricard continues to rate Guardian Capital Group "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Ricard cut his share target for Guardian Capital to $40 from $44. Analysts on average target the shares at $42. Mr. Ricard says in a note: "Recent market performance is set to weigh on earnings growth for traditional asset managers. Guardian's differentiated business model mitigates this exposure, with approximately 30 per cent of operating revenues insensitive to market fluctuations. We reiterate our 'outperform.' The valuation disconnect should close over time with: i) improving investor appreciation for IDC WIN; ii) peer-leading assets-under-management growth, and iii) declining capital intensity." The Globe reported on Nov. 17, 2021, and Jan. 26, 2022, that Scotia Capital analyst Phil 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. The Globe featured Mr. Hardie's "sector outperform" recommendation again on May 4, 2022, when it was worth $33.50.