The Globe and Mail reports in its Thursday, May 4, edition that National Bank Financial analyst Maxim Sytchev has reaffirmed his "outperform" recommendation for Colliers International Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev gave his share target a $7 trim to $133 (all figures U.S.). Analysts on average target the shares at $136.79. Mr. Sytchev thinks the first quarter financial report from Colliers was "not as negative as the share price reaction suggests" and thinks it "does not make sense to step away at a cyclical low." Mr. Sytchev says Colliers continues to face a "tough" backdrop for its capital markets business, seeing weakness persisting. However, he emphasizes the company's "earnings power remains intact" for its investment management and outsourcing and advisory segments. Mr. Sytchev says in a note, "All in, we view Collier's investment thesis as relatively unchanged -- positioned for investment management business durability, while affording management an opportunity to deploy capital in an accretive manner throughout the business cycle." The Globe reported on Nov. 3 that Mr. Sytchev rated Colliers "outperform." It was then worth about $90.