The Globe and Mail reports in its Friday, Nov. 10, edition that Stifel analyst Justin Keywood has downgraded HLS Therapeutics to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Keywood slashed his share target back by $7.25 to $5, a Street low. Analysts on average target the shares at a lofty $10. Mr. Keywood says he is heading to "the sideline" of HLS. He says he still believes HLS "has value in its assets and expected to be profitable, albeit at slightly lower levels." Mr. Keywood says in a note: "HLS reported Q3 results that were a tad light of expectations and generally a consistent trend with 7/8 quarterly misses. However, HLS disclosed that royalties, related to Boston Scientific's Emblem S-ICD will end in Q4/2023 and will impact approximately $6-million to $7-million of revenue and what we estimate to be similar EBITDA in 2024 or 30 per cent of the LTM [last 12-month] total run-rate. The news is unexpected and contrary to the Sept. 2020 HLS press release when the assets were acquired. Although, a new CEO has been in-place since May, 2023, we see substantial headwinds to navigate through over the NTM [next 12 months] and cut our forecasts."