The Globe and Mail reports in its Tuesday, April 16, edition that National Bank Financial analyst Adam Shine has downgraded Corus Entertainment to "underperform" from "outperform." The Globe's David Leeder writes that Mr. Shine slashed his share target by 90 cents to 40 cents. Analysts on average target the shares at 85 cents. Mr. Shine is optimistic the macroeconomic environment will improve and Corus will see a return to a normal television season by fiscal 2025. However, he thinks Corus's cost reductions are not deep or fast enough and that the outlook for television advertising may continue to disappoint. Mr. Shine says in a note: "Corus sees TV ad sales and program amortization declining 10 per cent to negative 15 per cent in Q3. Given an easy comp of negative 12.1 per cent last year and the fullness of the belated TV schedule finally coming together, we had expected TV advertising to return to modest growth of 2 per cent in Q3 and 8 per cent in Q4. ... In light of evolving cyclical pressures exacerbating secular challenges and management's weaker guidance, we need to materially temper our H2 expectations." The Globe reported on March 23 that Mr. Shine rated Corus "sector perform." It was then worth $1.64.