The Globe and Mail reports in its Tuesday, Sept. 29, edition that TD Cowen analyst Michael Tupholme downgraded Ag Growth International to "hold" from "buy," citing heightened risks and costs associated with upcoming debt maturities. The Globe's David Leeder writes in the Eye On Equities column that Mr. Tupholme slashed his share target by $12 to $11. Analysts on average target the shares at $20.57. Mr. Tupholme says in a note: "Ag Growth elevated leverage ratio (5.2 times) and how it planned to deal with upcoming debt maturities have been focus areas for investors (Ag Growth also has two converts maturing in 2027). However, relative to when we last published on Ag Growth (early-August), we now see an increased level of risk and cost associated with Ag Growth's ability to manage upcoming maturities (bond yields in general and yields on Ag Growth's own debentures have both risen sharply). Until now, Ag Growth provided few details on its refinancing plans. ... We expect pending debt maturities to act as an overhang on the stock. Likelihood of a favourable rerating is limited, in our view, until clarity is obtained on pending 2026/2027 maturities. Visibility into Ag Growth's Strategic Review Committee's work is very low."