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Canadian Tire downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Canadian Tire (CDNAF) to Market Perform from Outperform with a price target of C$175, down from C$191. The firm now feels more cautious towards the opex outlook at CTC going forward, which has lowered the firm’s estimates, and feels the stock will likely trade rangebound until there is better visibility on the progression of True North spend and subsequent benefits, or this trajectory unfolds better than assumed.

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