The Globe and Mail reports in its Friday, April 11, edition that Scotia Capital analyst John Zamparo downgraded his recommendation for Groupe Dynamite to "sector perform" from "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Zamparo slashed his share target to $12 from $25. Analysts on average target the shares at $23.95. Mr. Zamparo says in a note: "We expect Groupe Dynamite to post one more solid quarter of SSS, even beyond Tuesday's print (for which the 9.5-per-cent comp has already been disclosed), though sentiment may become more negative from here, even following Groupe Dynamite's negative 44-per-cent year-to-date performance. We identify two primary risks. First is the broad threat to all apparel names on consumer spending, especially on discretionary items, which we expect to become evident with FQ2 results. Second is specific to GDI, and its significant exposure to China. GRGD currently relies on China for more than half its production; moreover, the U.S. represents most of GDI s growth. America's on-again-off-again tariff scenario may eventually subside, but U.S.-China relations appear to be set for a more difficult path to improvement."