The Globe and Mail reports in its Friday, Nov. 7, edition that TD Cowen analyst Derek Lessard is keeping his "hold" call for Pizza Pizza Royalty intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lessard trimmed his unit target by a loonie to $16. Mr. Lessard says in a note: "Q3 was slightly below expectations due to a tough economy and competition for discretionary dollars. We believe that Pizza Pizza is one of the best placed Canadian QSRs in a soft environment given the capital-light franchise model, attractive value proposition, and consistent execution. However, shares are up 20 per cent year-to-date and short term, it's unlikely that it's going much higher from here given the backdrop." The Globe reported on April 2 that Mr. Lessard had reiterated his "hold" recommendation for Pizza Pizza. The units could then be had for $13.41.