The Globe and Mail reports in its Thursday, May 1, edition that following a "big miss in uncertain times," National Bank Financial analyst Jaeme Gloyn reduced his share target for First National Financial to $39 from $43, while maintaining a "sector perform" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gloyn says in a note: "The 17-per-cent EPS miss came from the wrong drivers. Usually more predictable servicing income and securtization income missed big on what appear to be structural issues: lower third-party underwriting fees for the former and lower spread mortgages gain share in the securitization portfolio (these are primarily mortgages underwritten in 2022 and 2023 when rates increased rapidly). Therefore, we reduced our estimates to $3.38 (was $4.16) in 2025 and $4.11 (was $4.65) in 2026." The Globe reported on Nov. 2 and Feb. 6 that Mr. Gloyn had reaffirmed his "sector perform" call for First National. The shares could then be had for $37.55 and $40.15. The Globe reported on March 8 that BMO Capital analyst Etienne Ricard continued to rate First National Financial "market perform." The shares were then going for $36.50.