The Globe and Mail reports in its Thursday, July 6, edition that PI Financial analyst Ben Jekic has lowered his recommendation for Good Natured Products to "neutral" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Jekic's share target fell from 40 cents to 20 cents, matching the consensus. Mr. Jekic issued his downgraded following the company's "modest" $5-million financing. He expects volume softness to persist. Mr. Jekic says in a note: "Our sense after the deal is that Good Natured Products continues to face very tough markets in the industrial business, unlikely to reset this year. June financing provides modest liquidity to weather tough period and pursue initiatives to add more life to a declining sales growth. We do not expect the stock to draw significant interest until the material turn in the signs of recovery. Good Natured ended Q1/23 with $11.6-million cash, and will end 2023 at $10.5-million following this deal. Good Natured expects its demand will still face short-term macro & competitive pressures for Industrial segment while lower input costs will limit Good Natured's ability to raise prices if volumes remain stagnant."