The Globe and Mail reports in its Friday, April 25, edition that as the first quarter earnings season for Canada's technology sector approaches, National Bank Financial analysts Richard Tse and John Shao indicate that the volatile macroeconomic backdrop has led them to favour more defensive and special situation companies. The Globe's David Leeder writes in the Eye On Equities column that Mr. Tse and Mr. Shao say in a note: "With respect to the upcoming earnings that begin next week, the big thing on our mind is whether estimates for this year will hold under the current macro backdrop across our coverage group. Even in the best of times, it's never entirely clear but given the macro backdrop, it's definitely a lot more uncertain today. ... In our discussions across our industry channels, even if the U.S. administration is approaching some (sustainable) moderation in the current tariff environment, the broader uncertainty for other potential policy actions appears to be pausing (some) spend across our enterprise and consumer names." Mr. Tse and Mr. Shao continue to rate Lightspeed Commerce "sector perform." They cut their share target to $13 (U.S.) from $15 (U.S.). Analysts on average target the shares at $14.32 (U.S.).