The Globe and Mail reports in its Friday, Nov. 7, edition that Stifel analyst Martin Landry is keeping his "buy" recommendation for Maple Leaf Foods intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Landry slashed his share target for Maple Leaf Foods by $8.50 to $32. Analysts on average target the shares at $34.25. Mr. Landry says in a note: "Confusion on valuation and double counting? Maple Leaf shares have been under pressure since the spin-off of Canada Packers. In most platforms, Maple Leaf's historical share price has been restated downward by $4 to $5, which we believe has created confusion among investors. Immediately prior to the spin-off, shares of Maple Leaf were traded at $36, and the value of the Canada Packers shares spun-off are approximately $4 to $5, which technically should imply a post spin-off price of $30 to $31 all else equal. However, shares of Maple Leaf traded around $28 immediately post spin-off suggesting that there may have been double counting given the historical share price has been restated. Our valuation now reflects Maple Leaf's continuing operations. We are making limited changes to our forecasts for Maple Leaf's continuing operations."