The Globe and Mail reports in its Friday, Aug. 5, edition that TD Securities analyst Meaghen Annett lowered her share target on Hardwoods Distribution ($32.73) to $64 from $73 ahead of the company's latest financial results on Aug. 11. The Globe's Darcy Keith writes that Ms. Annett is concerned with the storm clouds that have been building on the macroeconomic front. Still, she continues to rate Hardwoods "buy." Analysts on average target the shares at $63.79. Ms. Annett says in a note: "We are lowering our top-line organic growth forecast for 2023. Industry indicators are pointing to signs of 'cooling' in the residential renovation and remodelling market that drives about 40 per cent of Hardwoods's annual sales. In addition, our revised outlook reflects TD Economics' updated forecast for U.S. housing starts that are anticipated to decline about 6 per cent year over year in 2023. We maintain our view that Hardwoods's enhanced scale has expanded its potential growth opportunities. In the context of a softening near-term industry outlook, we believe responsible management of the balance sheet will be a top priority." The Globe reported on April 12 that Canaccord rated Hardwoods "buy." It was then worth $33.89.