The Globe and Mail reports in its Tuesday, Aug. 16, edition that Scotia Capital analyst Phil Hardie is holding on to his "sector perform" ranking for Guardian Capital. The Globe's David Leeder writes that Mr. Hardie cut its Guardian Capital Group shaved his share target by a loonie to $42, matching the consensus. Mr. Hardie says in a note: "Against a challenging backdrop, Guardian reported Q2/22 operating earnings that were ahead of expectations with AUM also coming in line with our forecast, but experienced elevated outflows. Management noted the outflows were due to headwinds that have plagued the industry for some time, namely, the continued shrinking allocation of the Canadian equity asset class, and internalization of investment management functions by institutional clients. Guardian made strategic progress through the quarter, including taking a majority stake in a private wealth management firm and entering into a new ten-year strategic partnership with a key corporate partner of the Dealers business. We believe Guardian's 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."