TD Securities analyst Brian Morrison downgraded Canadian Tire (CDNAF) to Hold from Buy with a price target of C$184, down from C$201. Q2 results were slightly below consensus, but the “bigger issue” is that expectations were lofty and while there are many positive takeaways in the results, the “focal point” is that required investment will prove a greater headwind to leverage than previously forecast, the analyst tells investors.
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