The Globe and Mail reports in its Friday, March 28, edition that ATB Capital Markets analyst Martin Toner has lowered his recommendation for Lightspeed Commerce to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Toner slashed his share target by $9 to $17. Analysts on average target the shares at $21.69. Mr. Toner says in a note: "While we still see payment penetration hitting the 40 per cent mark by Q1/26, we lack visibility into how long it will take the company to meaningfully expand its location base. Near-term, we assume a more efficient opex base to partially offset the impact of slower top-line growth, which keeps our adj. EBITDA estimates for FY25 and FY26 relatively unchanged. In outer years, we reduced our GTV growth estimates and gross margin growth estimates from FY26-FY28, with our gross margin CAGR estimate of 14.4 per cent coming slightly below management's expectations. For FY28, we estimate that adj. EBITDA will be 17 per cent of gross profits, also slightly below management's expectations. Our lower estimates, combined with a higher discount rate and lower terminal growth rate assumption drives our price target reduction and rating downgrade."