The Globe and Mail reports in its Friday, Nov. 8, edition that CIBC World Markets analyst Paul Holden has lowered his recommendation for Intact Financial to "neutral" from "outperformer." The Globe's David Leeder writes that Mr. Holden continues to target the shares at $280. Analysts on average target the shares at $281.14. Mr. Holden issued his downgrade citing its current valuation, despite a "solid earnings beat and a generally positive outlook." Mr. Holden says in a note: "Growth in personal lines is accelerating while growth in commercial lines is slowing. We expect strong margins will continue and there is potential upside from an acquisition. However, the stock has performed very well over the last year (more than 30 per cent) and the valuation multiple is near the upper end of its historical range. With an implied return to price target ($280) of 7 per cent, we are downgrading IFC." The Globe reported on Aug. 23 that Scotia Capital analyst Phil Hardie had reaffirmed his "sector outperform" call for Intact, which was then trading at $253.42. The Globe reported on Oct. 11 that Raymond James analyst Stephen Boland had reiterated his "outperform" ranking for Intact Financial. The shares could then be had for $264.