The Globe and Mail reports in its Thursday edition that Scotia Capital analyst Phil Hardie has reaffirmed his "sector perform" recommendation for First National Financial. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hardie cut his First National Financial share target to $41 from $45. Analysts on average target the shares at $42. Mr. Hardie says in a note: "Core EPS (ex-fair market value adjustments) was below the Street and our estimates, mainly reflecting a weaker-than-expected top line. However, on a more constructive note, we believe the quarter demonstrated the benefits of First National's diversified business mix and revenue sources. The combination of competitive pressures and a transitioning landscape likely contributed to weaker-than-forecast single-family mortgage volumes and tighter-than-expected mortgage spreads. This was mainly offset by a strong rebound in commercial volumes, resulting in overall origination volumes remaining relatively flat compared to last year, and better-than-forecast placement fees with Core EPS edging up over last year by roughly 5 per cent." The Globe reported on July 29 that Mr. Hardie rated First National "sector perform." It was then worth $37.14.