TD Securities analyst Brian Morrison downgraded Canadian Tire to Hold from Buy with a price target of C$185, down from C$210. While the firm remains “constructive” on the initiatives being taken by Canadian Tire, it appears at this time that the combination of macro headwinds impacting consumer discretionary spend and elevated expenditures will weigh on near-term performance and cloud the positive future benefits of investments in IT, its loyalty program, private-label offering, and data analysis, the analyst tells investors.
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