The Globe and Mail reports in its Wednesday, Dec. 14, edition that Canaccord Genuity analyst Aravinda Galappatthige has reaffirmed his "speculative buy" recommendation for Corus Entertainment. The Globe's David Leeder writes in the Eye On Equities column that Mr. Galappatthige cut his share target back to $2.60 from $2.75. Analysts on average target the shares at $3.18. Mr. Galappatthige expects Corus Entertainment to continue to be hurt by "soft" television advertising trends through the first quarter of its 2023 fiscal year, warning of "near-term pain despite underlying value." Mr. Galappatthige says in a note: "There is an increasing likelihood that conditions could weaken before they get better. Results through H1/23 are likely to look optically troubling with EBITDA declines in the 25-per-cent vicinity, and we cannot dismiss the prospect of double-digit ad declines through the middle of the year (particularly the seasonally significant Q3). As EBITDA estimates are lowered, the leverage ratio keeps rising. In fact, on our revised estimates, the leverage ratio (net debt/LTM EBITDA) touches 3.5 times again by Q3/23, which is likely to further impact the risk profile of the stock."