The Globe and Mail reports in its Friday, Nov. 7, edition that ATB Capital Markets analyst Frederico Gomes has lowered his recommendation for Curaleaf Holdings to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Gomes has an unchanged $4 share target. Analysts on average target the shares at $3.94. Mr. Gomes says in a note: "The company reported neutral Q3/25 results with in-line revenue and a slight adjusted EBITDA beat. However, after a 210-per-cent gain in six months, we believe the stock now fairly reflects our base-case growth expectations (which, it is important to note, do not include near-term federal reform, adult-use legalization in key states like Florida or Pennsylvania, or further legalization in international jurisdictions). While we believe Curaleaf's scale and international exposure deserve a premium, the stock already trades at 9.6 times 2026 estimated EV/EBITDA, which is a 71-per-cent premium to the 5.6 times Tier 1 peer average. We believe this valuation reflects the current regulatory status quo in our base-case, while significant upside remains if reform materializes, reflected in our $13 bull-case fair value estimate."